Casino upsized €1 billion term loan B priced at Euribor plus 550 bps

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Casino Group announced the successful syndication of its upsized €1 billion term loan B.

The company initially expected the term loan B to be sized at €750 million.

The margin will be Euribor plus 550 basis points, according to a news release.

The term loan B matures in January 2024 and is one of several refinancing transactions the company is undertaking, including a new $2 billion syndicated revolving facility, an €800 million 5 7/8% secured bond due in January 2024 and a capped tender offer for its bonds due March 2020, May 2021 and June 2022.

The bond will be issued by Quatrim, a 100%-controlled indirect subsidiary of Casino Guichard-Perrachon.

The amounts raised through the secured bond and term loan B will be used to refinance part of the group's existing debt, including funding the tender offer.

The amounts raised will also be used to repay the current €675 million of drawdowns on the group's confirmed lines related to the seasonal nature of the business as well as a portion of the Segisor loan.

The completion of these refinancing transactions is expected by the end of November.

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

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