French retail giant Groupe Casino has announced a successful bond tender for a total amount of around €800 million, in the context of its refinancing plan.
The retailer said that a total amount of €784 million has been tendered, with €239 million of bonds maturing in March of next year; €253 million maturing in May 2021 and €292 million maturing in June 2022.
The settlement of the offer is expected on 20 November.
'Taking into account the tender prices and the accrued coupons, the total cash-out will be €806m for Casino', the retailer said in a statement.
Recent Announcements
The tender offer is being financed by a €1 billion term loan as well as a €800 million secured high-yield bond, announced by management on 7 November.
'Following the reimbursement of the drawn credit lines and part of the Segisor loan, c.€200 million will be deposited on a segregated account, where funds can only be used to reimburse Casino debt,' the retailer added.
Following these transactions, Casino said that average debt maturity will increase from 3.3 to 3.8 years.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones Click subscribe to sign up to ESM: The European Supermarket Magazine.
