French retail conglomerate Groupe Casino has announced the launch of a 'two-step bond exchange offer', which will carry a coupon of 1.865%, the lowest coupon yet for the group.
The five-year €550m bond has been 'more than four times oversubscribed by a diversified international investor base', the retailer said.
Tender Offer
Along with this transaction, Casino also launched a tender offer on its bonds maturing in November 2018, August 2019 and March 2020. The offer results will be released on June 7th 2017.
'Proceeds from the bond issuance will finance the bond buyback and will further strengthen the Group’s liquidity,' it noted. 'This exchange offer smoothes the Group’s bond redemptions and extends the average maturity of Casino’s bond debt.'
Groupe Casino is currently rated BB+ stable by Standard & Poor’s and Fitch Ratings.
© 2017 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.
