Casino Group: New revolving credit facility as part of the refinancing project

New revolving credit facility as part of the refinancing project

Paris, 7 November 2019,

In the context of its refinancing plan announced on 22^nd 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 22^nd 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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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 CONTACTS
Régine GAGGIOLI – [phone]
[e-mail]
or

[phone]
[e-mail]

 PRESS CONTACTS
Casino Group – Direction of Communication
Stéphanie ABADIE - [e-mail] - [phone]

or

[phone] - [e-mail]

Agence IMAGE 7
Karine ALLOUIS  -  [phone] - [e-mail]
Grégoire LUCAS - [e-mail]

 

 

Attachment

• 2019-11-07 - New revolving credit facility as part of the refinancing project