Groupe Casino has announced the success of its debt refinancing transaction, which was launched on 22 March.
The transaction includes a new Term Loan B Facility of €1 billion, with maturity in August 2025 and interest rate Euribor + 4.0%, with the same securities as the existing Term Loan B Facility, as well as a a new senior unsecured bond of €525 million, with maturity in April 2027 and coupon of 5.25%.
These financings total €1.525 billion, which is above the initial target of €1.225 billion, the retailer said, following 'strong interest' from investors.
The cash raised will be used to reimburse the existing Term Loan B Facility of €1.225 billion with maturity in January 2024, and interest rate Euribor + 5.5%.
The €300 million excess cash will be used for future refinancing of debt, it added.
As a result of the transaction, the average debt maturity is therefore extended from 3.1 to 3.7 years. The settlement of the transactions is expected to occur by 13 April.
Senior Unsecured Bond
Earlier this week, Casino announced that as part of the debt refinancing transaction, it was launching a new senior unsecured bond maturing in April 2027, with a targeted amount of €425 million.
'The new Casino, Guichard Perrachon SA bond will include the same restrictions on dividends as those of the financings undertaken since November 2019,' the retailer said.
In February, the group announced that it had received approval for the listing of Assaí, its successful Brazilian cash and carry/retail business, with the trading of shares commencing on 1 March. [Pic:©Ricochet64/123RF.COM]
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