Casino Group pursues the strengthening of its financial structure

Wednesday 9th December 2020

Casino Group announces the launch of a transaction aimed at strengthening its liquidity until end-2023, reducing bond debt and extending its average maturity.

The transaction consists of (i) tapping the 2024 Secured Term Loan B initially issued in November 2019 for a targeted amount of €200 million, (ii) the potential launch of a senior unsecured debt instrument maturing in January 2026 for a targeted amount of €300 million and (iii) a tender offer on Casino's unsecured notes maturing in 2021, 2022, 2023, 2024 and 2025 for a maximum amount of €1.2 billion, to be financed with the new financings (target aggregate principal amount of €500 million), the proceeds from the disposal of Leader Price (€648 million) and the cash still available on the segregated account dedicated to debt repayment (€87 million).

The cash raised and potentially not used during the tender offer will be credited to the segregated account dedicated to repayment of debt for future transactions.

The completion of the transactions is expected in the coming weeks.

This press release constitutes a public disclosure of inside information by Casino, Guichard-Perrachon S.A. (the "Company") under Regulation (EU) 596/2014 (16 April 2014) and Implementing Regulation (EU) No 2016/1055 (10 June 2016).

Disclaimer

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 Company's or any of its affiliates' intentions, beliefs or current expectations concerning, among other things, the Company'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 Company'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 Company'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 Company 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.

Including the same restrictions on dividends as in the November 2019 financing documentation (Cf. 22 October 2019 press release)

Source
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