FNAC Darty closes state-backed €500 million one-year term loan

By Marisa Wong

Los Angeles, April 20 – FNAC Darty announced it signed a €500 million credit agreement with a pool of French banks.

The term loan will be guaranteed up to 70% by the French state and will have a maturity of one year, with a five-year extension option, according to a press release.

Arkea Banque, Bred, BNP Paribas, CIC, Credit Agricole CIB, La Banque Postale, LCL, Natixis CIB and Societe Generale CIB acted as lending banks. Credit Agricole CIB coordinated the transaction.

FNAC Darty said the term loan was implemented in the context of the Covid-19 pandemic and is intended to secure its liquidity and prepare for the recovery of its activities.

The group said it already has a solid financing structure, balanced between bank debt and bonds, but that the financing enables it to significantly secure its cash position even with the unprecedented crisis.

FNAC Darty is an electronics retailer based in Ivry-sur-Seine, France.

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