Scandal-ridden retailer Steinhoff International has announced a rebranding of its Asia Pacific Group, compounded by the securing of a new refinancing deal with local banks.
The leading Australasian retailer which operates a portfolio of well-known household goods and general merchandise brands, including Freedom, Fantastic Furniture, Snooze, Plush, OMF, Best & Less, Harris Scarfe and Postie has changed its trading name to Greenlit Brands Pty Limited (Greenlit Brands).
The rebranding has been backed by an announcement the newly minted Greenlit Brands has secured a new multi-year financing package with a syndicate of three Australian based banks; ANZ, NAB and Deutsche Bank.
The package includes a senior facility of A$256m with a tenor through to October 2020 and marks a decisive move away from the brand’s parent group, in terms of its working capital requirements and debt funding needs.
Greenlit Brands’ existing intergroup debt with entities of Steinhoff International Holdings NV (Steinhoff International) has been subordinated to the senior facilities with longer tenor than bank debt, with existing parent company guarantees under the former local banking facilities now released.
Michael Gordon, Greenlit Brands’ CFO said the latest refinancing package was a big win for the group.
“Putting in place longer term funding arrangements for Greenlit Brands is a major step forward for our Group,” Gordon said.
“We are pleased to have secured the longer term for our bank facilities with our local banking partners, which has been struck on normal commercial terms and interest rates. This important initiative provides our 10,000 employees, our suppliers and our business partners across all of our respective brands with certainty about the Group and is indicative of the strength and independence of our Group in Australasia”.
Michal Ford, Greenlit Brand’s CEO said following the rebranding, the group would return its focus to strengthening relationships with Australasian consumers.
“We have great brands which all originate in Australasia, that are loved by Australian and New Zealand consumers,” Ford said.
“Our retail brands cover the good, better and best spectrum in the household and general merchandise sectors. We also have our own manufacturing, logistics and supply chain operations which provide support to our retail brands. We look forward to building on this portfolio for our customers under the Greenlit Brands corporate identity”.
“The Greenlit Brands identity is contemporary and vibrant. It encapsulates the fact the we are a broad group covering a variety of segments across both household goods and general merchandise, both in retail and non-retail operations.”
Greenlit Brands employs more than 10,000 people with 640 stores across Australia and New Zealand and continues to be a wholly-owned subsidiary of Steinhoff International.