Groupe Casino: Signing of a new revolving credit facility
November 19 2019 - 2:00AM
Groupe Casino: Signing of a new revolving credit facility
Signing of a new €2.0bn revolving credit
facility as part of the refinancing plan
Paris, 19 November 2019,
Following the press release issued on 7
November, Casino announced the signing of a new €2.0bn revolving
credit facility, maturing in October 2023 as part of its
refinancing plan presented on 22 October.
Twenty-one French and international banks take
part in this facility:
- BNP Paribas, Crédit Agricole CIB, Crédit Agricole Paris Ile de
France, Crédit Lyonnais, Credit Suisse, HSBC, JPMorgan, Natixis and
Société Générale acted as arrangers and bookrunners
- Bank of America Merrill Lynch, Bradesco, Citigroup, Crédit
Industriel et Commercial, Goldman Sachs, ING, Itau BBA, La Banque
Postale, MUFG, Natwest, Rabobank and Santander acted as
arrangers
Casino, Casino Finance and Monoprix are the
three borrowers under this facility. The documentation includes
change of control provisions aligned with the existing
documentation.
It also includes two financial covenants, which
will be tested on a quarterly basis (and for the first time on 31
March 2020) at the France Retail plus E-commerce perimeter:
- A ratio of adjusted gross debt1 to EBITDA, the level of which
varies over time2
- A ratio of EBITDA to financial expenses that needs to be higher
than 2.25x
The amount of the existing Casino and Monoprix
revolving syndicated facilities (currently €2.25bn), maturing in
2021 and 2022, will be reduced by the amounts extended into the new
revolving credit facility. The residual amount will be €0.3bn3 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 fully repaid and cancelled.
The new revolving credit facility improves the
Group’s liquidity by increasing the average maturity of credit
facilities in France from 1.6 to 3.6 years.
This new revolving credit facility will be
available from the completion date of the new financings (Term Loan
B and secured high yield bond), expected on Wednesday 20
November.
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).
Forward-Looking Statements
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
CONTACTSRégine GAGGIOLI – +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fror
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTSCasino Group – Direction
of CommunicationStéphanie ABADIE -
sabadie@groupe-casino.fr - +33 (0)6 26 27 37 05
or
+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
Agence IMAGE 7Karine
ALLOUIS - +33(0)1 53 70 74 84 - kallouis@image7.frFlore
LARGER – Tel : +33(0)6 33 13 41 50 - flarger@image7.fr
1 Gross debt minus disposal proceeds deposited
on a segregated account.
2 7.75x at end March 2020, 7.50x at end June
2020, 7.25x at end September 2020, 5.75x at end December 2020,
6.50x at end March 2021, 6.00x at end June and end September 2021,
4.75x from end December 2021.
3 €198M for the Casino syndicated credit
facility maturing in February 2021, $25M for the Casino syndicated
credit facility maturing in July 2022 and €111m for the Monoprix
syndicated credit facility maturing in July 2021.
- 2019.11.19 - Groupe Casino - Signing of a new revolving credit
facility
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