New revolving credit facility as part of the refinancing project
Paris, 7 November 2019,
In the context of its refinancing plan announced on 22nd October, Casino is currently putting in place a new revolving credit facility, maturing in October 2023, in order to extend its confirmed credit lines in France
As of today, the Group has received commitments from 21 French and international banks for €2.0bn, subject to final documentation and customary conditions.
In this context, the existing Casino and Monoprix syndicated lines, maturing in 2021 and 2022, for an existing amount of €2.25Bn, will be reduced by the amounts extended into the new revolving credit facility. The residual amount will be €0.3bn and the conditions of these lines will remain unchanged. The existing Casino and Monoprix bilateral lines, for a total amount of €0.64Bn, will be cancelled.
As mentioned in our press release on 22nd October, those banks involved in the new revolving facility will benefit from security over the main French operating subsidiaries, Casino Finance and the French holding companies owning the Group’s stakes in Latin America.
This new revolving credit facility will be signed soon. It will be drawable if the Group raises at least €1bn by May 2020, via the new financings (Term Loan B and secured high yield bond) and/or proceeds of disposals that have not yet been signed.
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