Casino Guichard announces offer to repurchase five series of notes

By Cady Vishniac

Detroit, Dec. 14 – Casino Guichard-Perrachon SA is offering to purchase for cash five series of notes due 2021-2025, according to an announcement.

Two series of notes will have any-and-all tender offers and three series of notes will be capped with the exact cap not yet determined.

Any-and-all offers

The company is offering to purchase any and all of the following notes:

• 4.726% notes with step-up interest of currently 5.976% due May 18, 2021 (ISIN: FR0011052661), €850 million initially issued with €322.3 million outstanding, to be purchased at 102.521; and

• 3.311% notes with step-up interest of currently 4.561% due Jan. 25, 2023 (ISIN: FR0011400571), €1 billion initially issued with €534.2 million outstanding, to be purchased at 104.35.

Capped offers

The company is also offering to purchase from the following three series of notes up to a cap:

• 1.865% notes due June 13, 2022 (ISIN: FR0013260379), €750 million originally issued with €355.8 million outstanding, to be purchased at 101.75;

• 3.248% notes with step-up interest of currently 4.498% due March 7, 2024 (ISIN: FR0011765825), €900 million originally issued with €879.2 million outstanding, to be purchased at 97.75; and

• 2.233% notes with step-up interest of currently 3.58% due Feb., 2025 (ISIN: FR0012369122), €650 million originally issued with €444.2 million outstanding, to be purchased at 90.5.

The capped notes may be subject to proration if tender offers exceed the cap, which will be determined after the expiration of the offer and announced with the results.

Priority allocation

Priority allocation may be awarded to noteholders who wish to tender 2023 notes and/or 2024 notes in addition to subscribing for new notes.

The priority will be given up to an aggregate principal amount of the notes tendered and accepted for purchase.

Details

The tender offer expires at 11 a.m. ET on Dec. 18.

Results of the tender offer will be announced Dec. 21. Settlement is expected Dec. 23.

As previously reported, €12.6 million of the 2021 notes, €2.7 million of the 2022 notes, €12.1 million of the 2023 notes and €13 million of the 2024 notes were purchased in private negotiations with investors as of Dec. 11.

The company also launched a €200 million term loan on Dec. 9 and is planning to sell an offering of six-year notes. The offers are conditioned upon the completion of these transactions.

Credit Agricole Corporate and Investment Bank is the structuring agent, global coordinator and dealer manager for the tender offer (+44 207 214 5733, liability.management@ca-cib.com).

Dealer managers for the tender offer are Banco Santander, SA (+44 7418 709 688, +44 7742 403 679, Tommaso.GrosPietro@santanderCIB.co.uk, Adam.Crocker@santanderCIB.co.uk), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Cooperative Rabobank UA (030 216 9082, corporate.liabilitymanagement@rabobank.com), Credit Industriel et Commercial SA (+33 1 40 16 26 45, liabilitymanagement@cic.fr), Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763, liability.management@credit-suisse.com), Goldman Sachs International (+44 207 552 6157, liabilitymanagement.eu@gs.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), ING Bank NV, Belgian Branch (+44 207 767 6784, liability.management@ing.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com), La Banque Postale (+33 1 46 62 86 56, paul.santucci@labanquepostale.fr) and MUFG Securities (Europe) NV (+44 207577 4218, liability.management@mufgsecurities.com).

The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77, parisbp2s.information.agent@bnpparibas.com).

The tender agent is also BNP (+33 1 57 77 61 60, parisbp2.offers@bnpparibas.com).

Casino Guichard-Perrachon is a Saint-Etienne, France-based food and non-food retailer.

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