Casino Guichard lifts term loan to €225 million, sets OID at 99.75

By Sara Rosenberg

New York, Dec. 16 – Casino Guichard-Perrachon upsized its add-on term loan B (B2/B+) due January 2024 to €225 million from €200 million, changed original issue discount talk to a range of 99 to 99.5 and shortly thereafter tightened the discount to its final level of 99.75, according to a market source.

Previously in syndication, the discount talk was modified to a range of 98.5 to 99 from a revised range of 98 to 98.5 and initial talk in the range of 97.5 to 98.

Pricing on the add-on term loan is Euribor plus 550 basis points with a 0% floor.

The term loan has 101 call protection until November 2021 and a change-of-control option to be repaid at par.

BNP Paribas, HSBC and Credit Suisse are the global coordinators and physical bookrunners on the deal. Credit Agricole is a global coordinator. Natixis, Santander and Societe Generale are joint bookrunners. Credit Suisse is the administrative agent.

Recommitments were scheduled to be due at 9 a.m. ET on Wednesday, the source added.

Proceeds will be used with cash from a segregated account and funds from the disposal of Leader Price to refinance unsecured notes maturing in 2021, 2022, 2023, 2024 and 2025.

Casino Guichard-Perrachon is a France-based food and non-food retailer.

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