Casino Guichard gets tenders for €366 million notes via BNP Paribas

By Susanna Moon

Chicago, June 7 – Casino Guichard-Perrachon said it will buy back €366 million of bonds in the tender for three series of its notes that ended at 10 a.m. ET on June 7.

As announced May 30, the company was tendering for its €507.75 million of 4.481% notes due November 2018 currently paying interest at 5.731%, its €850 million of 3.157% notes due August 2019 paying interest at 4.407% and its €600 million of 3.994% notes due March 2020 paying interest at 5.244%.

Specifically, Casino bought back €153 million of the bonds due November 2018, €153 million of the bonds due August 2019 and €60 million of the bonds due March 2020.

Considering the difference between the purchase price and par, the total cash-out stands at €400 million, according to a notice.

BNP Paribas was offering to buy the notes, as previously announced.

The tendered bonds will be canceled on June 13.

The outstanding amount of the three bond issues will be reduced to €355 million for the November 2018 bonds, €697 million for the August 2019 bonds and €540 million for the March 2020 bonds.

“This buyback, in connection with the new €550 million five-year bond issued on May 30, smoothes the group's bond redemptions and extends the average maturity of Casino's bond debt from 4.8 years to 5 years as of [Wednesday],” the release noted.

Casino Guichard previously said it was planning to sell new notes, and BNP Paribas will transfer any notes it buys in the tender to the company in exchange for new notes.

For the 4.481% notes, the purchase price in the tender will be set using a yield of negative 0.10%. Pricing for the 3.157% notes will be based on interpolated mid-swaps plus a spread of 35 basis points, and for the 3.994% notes it will be based on interpolated mid-swaps plus 40 bps.

Pricing was scheduled for June 7, and settlement is planned for June 9.

The structuring advisers and dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Agricole CIB (+44 20 7214 5733 or liability.management@ca-cib.com).

The dealer managers also include Deutsche Bank AG, London Branch (+44 20 7545 8011), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), MUFG Securities EMEA plc (+ 44 20 7577 4048/4218 or DCM-LM@int.sc.mufg.jp), Royal Bank of Scotland plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com) and UBS Ltd. (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com).

The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com). The tender agent is BNP Paribas Securities Services (+33 1 55 77 61 60 or paris.bp2s.offers@bnpparibas.com).

Casino is a food retailer based in Saint-Etienne, France.

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