Refinancing plan: Casino Group has completed the transaction strengthening its liquidity and financial structure
Paris, 21 November 2019,
Yesterday, Casino Group completed its refinancing plan announced on 22 October that strengthens its liquidity and financial structure.
The closing of the transactions allows the Group to fully concentrate on reaching its operating, financial and strategic objectives, as well as on executing its asset disposal plan.
This plan included two transactions:
raising €1.8bn of financing, of which a €1,000m1 Term Loan B (“TLB”) and a €800m secured high yield bond2, both maturing in January 2024,
extending €2bn of confirmed credit lines in France (« RCF »), maturing in October 2023.
The receipt of the TLB proceeds and the issue of the secured high yield bond yesterday, have enabled the Group to:
finance the buyback offer on the bonds maturing in 2020, 2021 et 2022 for a total cash amount of €806m,
repay the drawn credit lines to date for a total amount of €630m, and
pay the fees and commissions related to the transaction.
The €290m3 remaining amount has been placed on a segregated account, dedicated to debt repayment.
This transaction has extended the debt maturity4 to 3.8 years, against 3.3 years before the transaction.
The extension of the confirmed credit lines into the new €2bn RCF brings the amount of the Group’s undrawn confirmed credit lines in France to €2.3bn. The average maturity of these lines is now 3.6 years, against 1.6 years before the transaction.
This press release constitutes a public disclosure of inside information by the Group under Regulation (EU) 596/2014 (16 April 2014) and Implementing Regulation (EU) No 2016/1055 (10 June 2016).
This press release may include forward looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding the Group’s or any of its affiliates’ intentions, beliefs or current expectations concerning, among other things, the Group’s or any of its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that the Group’s or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if the Group’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
The forward-looking statements and information contained in this announcement are made as of the date hereof and the Group undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – +33 (0)1 53 65 64 17
+33 (0)1 53 65 24 17
Casino Group – Direction of Communication
Stéphanie ABADIE - firstname.lastname@example.org - +33 (0)6 26 27 37 05
+33(0)1 53 65 24 78 - email@example.com
Agence IMAGE 7
Karine ALLOUIS - +33(0)1 53 70 74 84 - firstname.lastname@example.org
Flore LARGER – Tel : +33(0)6 33 13 41 50 - email@example.com
1 Issued at 1% discount, i.e. €990M received by the Group
2 Issued by Quatrim, a 100% indirectly-owned subsidiary of Casino, Guichard-Perrachon
3 Bond and term loan
4 Including c. €100M to repay the Segisor loan