Casino Group increases tender cap for bonds due 2020, 2021 and 2022

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Casino Group announced it will increase the size of its tender offer for its bonds due March 2020, May 2021 and June 2022 as a result of a €300 million upsize to new financing.

The company announced the tender on Tuesday, on which date it expected a maximum amount of €700 million based on a €1.5 billion target for the new financings.

On Thursday, the company reported the financings have been increased to €1.8 billion, spread over a €1 billion term loan B due January 2024 (B1/B+) and an €800 million secured bond due January 2024, which priced with a coupon of 5 7/8%.

Initially each of the loan and the bonds was expected to be sized at €750 million.

Casino said it will accept all the 2020 notes tendered and will allocate the remaining amount of the tender between the 2021 and 2022 bonds.

The company is also getting a €2 billion revolver, as previously reported.

Settlement of the tender offer will take place shortly after the signing of the new revolver and simultaneously with the availability of the proceeds of the term loan B and the new secured bonds, which is expected to take place before the end of November, the company noted.

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

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