Blantyre Capital and Greenpoint Capital have recently tabled a R250 million senior secured debt facility offer for Ster-kinekor.
What will the debt facility be used for?
The R250 million senior secured debt facility offer for Ster-kinekor will be used to fund future operations, facilitate the exit of business rescue and refinance the existing capital structure.
From A Security Guard To A Multimillionaire – How Chippa Mpengesi Rose From The Ashes
R188 million of the R250 million will go towards covering business rescue costs and debt owed to creditors which accumulated after the business rescue began.
After covering the costs, Ster-Kinekor will be left with R62m million for future operational costs.
The business rescue plan and purchase price need to be voted on by creditors, including Rand Merchant Bank(RMB) and landlords. And also requires approval by a 75% majority of the main creditors.
All The Companies Johann Rupert Owns
So who owns Ster-Kinekor??
Rand Merchant Bank – 22%
MIC investments – 21.3%
Old Mutual Life Insurance – 3.9%
Old Mutual Specialised Finance – 9.5%
Old Mutual Private Equity – 14.7%
Ethios Private Equity Fund V1 – 19.7%
After the deal is finalized, Blantyre Capital and Greenpoint Capital will own 100% of Ster-Kinekor.
Get South Africa’s latest entrepreneurial or business success stories delivered right to your inbox – Sign up to Entrepreneur Hub SA’s newsletter today
5 Comments