Groupe Casino begins consent solicitation for three series of senior notes

By Mary-Katherine Stinson

Lexington, Ky., April 24 – Casino Guichard-Perrachon (Groupe Casino) launched a consent solicitation regarding its senior notes due 2026 (ISIN: XS2276596538), its senior notes due 2027 (ISIN: XS2328426445) and Quatrim’s senior secured notes due 2024 (ISINs: XS2010039118, XS2010038490), according to an announcement.

The company is seeking consent of the majority of holders of each series so that a request for or appointment of “conciliateurs” would not constitute a default or event of default under the documentation for that series.

The group is considering the possibility of initiating conciliation proceedings to guide upcoming discussions with creditors in connection with EP Global Commerce’s proposal for capital increases totaling €1.1 billion and the continuation of the Teract project.

EP Global Commerce is a Czech company controlled by Daniel Kretinsky, affiliated to VESA Equity Investment, which is a shareholder of Casino with a 10.06% stake in Casino’s share capital. EP Global Commerce plans to subscribe to a reserved capital increase of up to €750 million in Casino’s share capital and to offer shareholder Fimalac the opportunity to subscribe to a reserved capital increase of up to €150 million.

Casino and Teract are pursuing a potential combination.

The consent solicitation will expire May 19.

The group said it will also seek the consent of some of its lenders.

The group emphasized that no decision to request the appointment of conciliators has been made and that it remains in full compliance with its financial commitments.

Kroll (casino@is.kroll.com) is the tabulation and information agent for the bondholder consultation.

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

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