Edcon Holdings has agreed with lenders to a debt refinancing that will see South Africa's biggest clothes retailer reduce borrowings by R4.5 billion ($313 million), easing the pressure on its balance sheet and enabling the company to pursue a turnaround plan. The owner of the Edgars and Jet chains agreed to extend the maturity of more than R7.9 billion of bank debt, the Johannesburg-based company said in a statement on Monday. As a result of that and other measures, none of Edcon's debt will mature for at least two years. "We won't have any debt to repay or refinance until Dec. 31, 2017," Chief Financial Officer Toon Clerckx said by phone. "Our balance sheet is now in good shape. Our cash flows as a result of that will give the business the chance to further turn around." Edcon was burdened with debt after being acquired by Bain Capital Partners for about R25 billion in 2007 to tap rising economic growth in Africa's second-largest economy. That increased 15% to R27 billion in the three months through Sept. 26, Edcon said in a statement earlier this month.