Steinhoff Asia Pacific, which operates high performing retail brands in Australia and New Zealand including Freedom, Fantastic Furniture, Best & Less, Snooze, Harris Scarfe, Plush, OMF and Postie, secured the new debt facilities on normal commercial terms based on the strong financial performance of Steinhoff Asia Pacific in 2017.

Michael Ford, Group CEO of Steinhoff Asia Pacific, commented: 'We have carefully and methodically navigated the recent circumstances involving our parent group and maintained business as usual through the peak New Year trading period. Pleasingly, we have locked in funding without any unplanned asset sales or the loss of any jobs, preserving our position as a leading retail organisation.

He further added: 'This funding package allows our business to continue to focus on delivering our plan for growth. It reflects the confidence that our existing banking partners share with us about the firm financial and strategic footing our leading portfolio of brands occupy in our Asia Pacific markets.'

The team was led by MinterEllison partners Con Boulougouris (Corporate/M&A), Stewart Robertson (Finance) and Brendon Watkins and Nick Anson (Restructuring), with support from Nick Kipriotis (M&A) and Alison Morris and Bryce McCarthy (Finance).

Advising Steinhoff Asia Pacific in connection with the refinance and the circumstances involving its parent group Steinhoff International Holdings N.V. adds to the string of recent high-profile restructure and workout mandates led by the MinterEllison M&A, Finance and Restructuring teams, including acting on:

• the sale of commercial television station operator Ten Network Holdings to CBS;
• the buyout of Australian luxury fashion retailer Oroton Group; and
• the US$738 million recapitalisation of mineral exploration company Boart Longyear.