Casino Group signs €2 billion revolving credit facility due 2023

By Sarah Lizee

Olympia, Wash., Nov. 19 – Casino Group signed a €2 billion new revolving credit facility due October 2023 as part of its refinancing plan presented in late October, according to a press release.

The group received commitments from 21 French and international banks. BNP Paribas, Credit Agricole CIB, Credit Agricole Paris Ile de France, Credit Lyonnais, Credit Suisse, HSBC, JPMorgan, Natixis and Societe Generale acted as arrangers and bookrunners. BofA Securities, Bradesco, Citigroup, Credit Industriel et Commercial, Goldman Sachs, ING, Itau BBA, La Banque Postale, MUFG, Natwest, Rabobank and Santander acted as arrangers.

Casino, Casino Finance and Monoprix are the borrowers.

The documentation includes change-of-control provisions aligned with the existing documentation.

There are two financial covenants, tested on a quarterly basis, including a ratio of adjusted gross debt to EBITDA, which varies over time, and a ratio of EBITDA to financial expenses that needs to be higher than 2.25x.

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 drawable from the completion date of its new financing, including a new term loan B and a secured high-yield bond, expected to close on Wednesday.

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

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