PARIS (dpa-AFX) - Casino Group said that it has launched a transaction, aiming to strengthen its liquidity until end-2023, reduce bond debt and extend its average maturity.
The transaction consists of tapping the 2024 Secured Term Loan B initially issued in November 2019 for a targeted amount of 200 million euros; the potential launch of a senior unsecured debt instrument1 maturing in January 2026 for a targeted amount of 300 million euros.
The transaction also consists of a tender offer on Casino's unsecured notes maturing in 2021, 2022, 2023, 2024 and 2025 for a maximum amount of 1.2 billion euros.
The transaction will be financed with the new financings of target aggregate principal amount of 500 million euros; the proceeds from the disposal of Leader Price --648 million euros-- and the cash still available on the segregated account dedicated to debt repayment (87 million euros).
The completion of the transactions is expected in the coming weeks.
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