Groupe Casino to prorate oversubscribed tender offer for two bonds

Chicago, Dec. 20 – Casino Guichard-Perrachon (Groupe Casino) announced the results from its brief tender offer for outstanding €369.9 million outstanding bonds due February 2025 (ISIN: FR0012369122) and its €508.3 million outstanding bonds due August 2026 (ISIN: FR0012074284), according to an announcement.

The 2025 bonds had an initial 2.33% coupon and a stepped-up interest rate of 3.58%.

The 2026 bonds initially had a 2.798% coupon that stepped up to 4.048%.

The offer started Dec. 13 and expired at 11 a.m. ET on Dec. 17.

Noteholders tendered a total for both series of €106.4 million with a maximum tender amount of €60.5 million.

The company announced that it will purchase €12.5 million of the €58.4 million of the 2025 notes, applying a proration factor of 30%.

The accrued interest in respect of the notes accepted for purchase is 3.11901%.

After the tender offer there will be €357.4 million of the 2025 notes outstanding.

For the 2026 notes, Casino is accepting all €48 million of the notes tendered.

The accrued interest for the 2026 notes accepted for purchase is 1.54157%.

After the settlement date, there will be €460.3 million of the notes outstanding.

Settlement is expected to take place on Dec. 22.

The global coordinators and dealer managers of the tender offer are Credit Agricole CIB (+44 20 7214 5903, liability.management@ca-cib.com), J.P. Morgan AG (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com).

The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs Bank Europe SE (+44 20 7774 6343, liabilitymanagement.eu@gs.com) HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com), La Banque Postale (+33 1 57 75 56 62, Nicolas.vucekovic@labanquepostale.fr) and Banco Santander, SA (+44 7418 709 688, +44 7742 403 679, Tommaso.grospietro@santandercib.co.uk, adam.crocker@santandercib.co.uk).

The information agent and the tender agent is BNP Paribas Securities Services (information agent: +33 1 42 98 76 06, paris.bp2s.information.agent@bnpparibas.com; tender agent: +33 1 40 14 14 30, paris.bp2s.offers@bnpparibas.com).

The issuer is a mass retailer with headquarters in Saint-Etienne, France.

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