Casino Guichard-Perrachon holders tender €300 million of three notes series in exchange offer

By Marisa Wong

Madison, Wis., May 18 - Casino Guichard-Perrachon said it accepted tenders for €300 million of notes in an exchange offer for up to €300 million of its €850 million of 4.875% notes due April 2014, €1.2 billion of 6.375% notes due April 2013 and €700 million of 6% notes due February 2012.

The exchange offer began on May 11 and expired at 10 a.m. ET on May 17.

At the start of the offer, there was €676.5 million of the 4.875% notes, €718.55 million of the 6.375% notes and €439,458,000 of the 6% notes outstanding.

Holders whose notes were accepted in the offer will receive the tender consideration plus accrued interest. The tender offer price is 103.068 for the 6% notes. The tender offer price for the 4.875% notes and 6.375% notes is based on the sum of the applicable reference benchmark and the offer spread at settlement. The reference benchmark for the 4.875% notes is the 2014 interpolated mid-swap rate, and the reference for the 6.375% notes is the 2013 interpolated mid-swap rate. The spread for the 4.875% notes is 40 basis points, and the spread for the 6.375% notes is 25 bps.

Settlement for the tender offer is expected to be May 23.

Citigroup Global Markets Ltd. (+44 207 986 8969), Deutsche Bank AG, London Branch (+44 20 7545 8011), HSBC Bank plc (+44 20 7991 5874), J.P. Morgan Securities Ltd. (+44 20 7777 1333), Natixis (+33 1 58 55 81 34) and the Royal Bank of Scotland plc (+44 20 7085 5991) are the dealer managers for the tender offer.

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

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

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