London, June 21, 2007 — Shearman & Sterling LLP has represented Absa Capital and Barclays Capital in the largest ever leveraged financing in Africa.

The banks led a syndicate which included Credit Suisse, Deutsche Bank and ABN for the funding of Bain Capital’s ZAR 26 billion acquisition of Edgars Consolidated Stores (Edcon).

South Africa-based Edcon is the leading clothing, footwear and textiles retailer in the region. The company has grown from opening its first store in 1929 to ten retail brands trading in over 900 stores in South Africa, Botswana, Namibia, Swaziland and Lesotho.

The acquisition, which recently reached financial close, was funded with a complex financing package involving covenant lite senior revolving credit facilities, senior and subordinated bridge facilities and asset backed facilities. The bridge facilities were taken out by senior secured floating rate notes and senior subordinated notes.

This transaction is an example of Shearman & Sterling’s ability to advise on the full range of US and UK capital markets and bank finance products utilised in leveraged financings.

The Shearman & Sterling team advising on the deal was led by partners Caroline Leeds Ruby (LO-EF), David Beveridge (LO-CM), Ian Harvey-Samuel (LO-EF) and Michael Baker (NY-FG) and associates John Paul Reno (LO-EF), Malcolm McKinnon (LO-EF), Brian Bishop (LO-CM), Shelley Edwardson (LO-CM), Chris Dana (LO-CM), Karen Saah (NY-CM) and Nicholas Rogivue (LO-EF).