Casino Group has announced that it has extended the maturity and improved the financial condition of its main syndicated credit facility, initially set to mature in October 2023.
The amendment to the loan documentation, signed by all the lenders, will be effective on 22 July.
It provides for the extension of the maturity of the facility from October 2023 to July 2026, for an amount of €1.8 billion.
It also has provision for a review of the financial covenants, in line with improving the group's financial position and GreenYellow's growth plan.
As a result, the group has undertaken to comply with certain covenants on a quarterly basis, which replace the previous covenants, for its French retail and e-commerce businesses, excluding GreenYellow.
The covenants, effective as of 30 June 2021, include a ratio of secured gross debt to EBITDA (after lease payments) not above 3.5x3 and a ratio of EBITDA (after lease payments) to net finance costs not less than 2.5x (previously 2.25x).
The amendment also includes a decrease in utilisation cost, taking into account the arrangement fees applicable to the extension.
The retailer added that the guarantees and security interests initially granted to the lenders remain unchanged.
The dividend restrictions provided for in the financings raised since November 2019 also remain unchanged.
Monoprix
The retail group has also announced the renewal of the Monoprix syndicated credit facility, set to mature this month.
The new syndicated credit facility, amounting to €105 million with provisions to be increased to €130 million, matures in January 2026.
It will be the group's first syndicated credit facility with a yearly margin adjustment clause based on the satisfaction of ambitious CSR targets.
The goals include reducing Scope 1 & 2 greenhouse gas emissions and considering the proportion of net sales derived from products labelled as 'responsible' and net sales derived from vegetable protein products.
The amount of the group's lines of credit available at any time now stands at €2.2 billion, with an average maturity of 4.6 years, compared with 2.2 years before this transaction.
Recently, the retailer announced that it is undertaking a 'rethink' of the Monop' convenience concept, to better 'respond to the transformation of consumption patterns' in urban areas.
