Das kann ich da nicht rauslesen:
"Revised debt terms
...
Coupon: 10% PIK per annum (capitalising semi-annually)."
Ist für ein Venture-Kredit oder eine Mezzaninen-Finanzierung auch nicht unüblich hoch.
"Revised debt terms
The following terms are intended to apply across all of the SEAG, SUSHI and Finance Holding
private debt with effect from the Restructuring Effective Date:
- Amount of restated debt
o External debt to be restated at par plus accrued interest and agreed fees.
o SEAG and SUSHI external debt split between SEAG 1st and 2nd tranches (with
each tranche split into 1st and 2nd lien). SEAG intercompany debt owing to
Steinhoff Africa Holdings Pty Ltd (“SAHPL”) and the net intercompany debt
owing from SEAG to Finance Holding shall be restated as 2nd lien debt and
recorded at par plus accrued interest as at 31 March 2018. Intercompany debt
owing to AIH Investment Holding AG (“AIH”) may (subject to an alternative
structuring solution in relation to that debt being agreed) be restated as priority
2nd lien debt. Other intercompany debt to entities within the SEAG group to
remain unsecured but the entities will receive the benefit of support
arrangements from SEAG.
o Finance Holding external debt and debt owing from Finance Holding to SIHPL
to be 1st ranking. Intercompany debt owing from Finance Holding to Steinhoff
Investment Holdings Ltd to be 2nd ranking debt.
o Creditor recoveries for SEAG (including SUSHI) and Finance Holding are capped
at par plus accrued interest (including PIK interest – see below) and fees.
- Coupon
o 10% PIK per annum (capitalising semi-annually).
o The PIK interest rate increases to 15% if the Governance Shareholder Resolution
is not passed.
- Maturity
o Maturity is 3 years from the Restructuring Effective Date both for external and
intercompany debt, subject to a maturity long-stop of 31 December 2021.
"