Casino Guichard-Perrachon holders tender €1.5 billion notes in oversubscribed exchange offer

By Angela McDaniels

Tacoma, Wash., Feb. 3 - Casino Guichard-Perrachon said it received tenders for approximately €1.5 billion of notes in the exchange offer for its €500 million of 7.875% notes due 2012, €700 million of 6% notes due 2012 and €1.2 billion of 6.375% notes due 2013.

The company offered to issue new euro-denominated notes in exchange for up to €800 million of the existing notes.

It will issue €888 million principal amount of the new notes, which are due February 2017 and carry a coupon equal to the mid-swap rate plus 135 basis points. An application has been made to list the notes on the Luxembourg Stock Exchange.

Holders will receive a principal amount of new notes equal to the principal amount of notes exchanged multiplied by the offer price. They will also receive a cash rounding amount and accrued interest.

The company previously said it would calculate the offer price for the 7.875% notes, 6% notes and 6.375% notes using the August 2012 interpolated mid-swap rate plus 35 bps, February 2012 interpolated mid-swap rate plus 35 bps and April 2013 interpolated mid-swap rate plus 45 bps, respectively.

Holders had to exchange at least €50,000 principal amount of notes in order to participate.

Holders who did not want to exchange could instead tender their notes for a cash amount equal to par plus the offer price and accrued interest.

The offer began Jan. 26 and ended on Feb. 2. The settlement date is expected to be Feb. 10.

The company said the offer will reduce its debt repayments due in 2012 and 2013 by €440 million and €354 million, respectively.

The dealer managers were BNP Paribas (+44 207 595 8668), Calyon (+44 207 214 7408), J.P. Morgan Securities Ltd. (+44 207 779 2468 or +44 207 777 1333), Natixis (+33 158 558 147), Royal Bank of Scotland plc (+44 207 085 8056/3781) and Societe Generale (+33 01 42 13 87 36).

BNP Paribas Securities Services (+33 155 776 160) was the exchange and tender agent, and Lucid Issuer Services Ltd. (+44 207 704 0880) was the information agent.

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

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