Casino: successful E1.8bn fundraising
(CercleFinance.com) - The French food retail group Casino announces the successful syndication of a E1bn term loan and the placement of a E800m high yield secured bond, both of which will mature in January 2024.
The Group's new financing totals E1.8bn, E300m more than the target E1.5bn initially announced.
"This additional amount will increase the size of the tender offer on the existing bonds maturing in 2020, 2021 and 2022, which was launched on 5 November and is expected to close on 12 November," the group said.
"This transaction results in an extension of the average debt2 maturity from 3.3 years to 3.9 years. Combined with the new revolving credit facility that is being put in place for an amount of approximately E2,0bn and a maturity in October 20233, this refinancing plan also improves the Group's liquidity with an average maturity of credit lines in France increasing from 1.6 years to 3.6 years," management added.
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