Casino Group lines up €2 billion revolving credit facility due 2023

By Sarah Lizee

Olympia, Wash., Nov. 7 – Casino Group said it is currently putting in place a new revolving credit facility as part of its refinancing plan, according to a press release.

As of Thursday, the group received commitments from 21 French and international banks for €2 billion, subject to final documentation and customary conditions.

The revolver will mature in October 2023.

The existing Casino and Monoprix syndicated lines maturing in 2021 and 2022, for an existing amount of €2.25 billion, will be reduced by the amounts extended into the new revolver.

The residual amount will be €300 million, and the conditions of those lines will be unchanged.

The existing Casino and Monoprix bilateral lines, for a total amount of €640 million, will be canceled.

The company said the new revolver will be signed soon and will be drawable if the group raises at least €1 billion by May 2020 via the new financings, including the previously announced term loan B and secured high-yield bond, and/or proceeds of disposals that have not yet been signed.

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

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