France's Casino sells €235.7 million bonds indexed to its stock

New York, Dec. 17 - Group-Casino said it sold €235.7 million of bonds indexed to its stock.

The deal is broken into three tranches due on March 2007, March 2008 and March 2009.

Subscribers for the private placement are Nexgen, Ixis Corporate & Investment Bank and ABN Amro. Settlement is scheduled for Dec. 23.

To hedge the transaction, Nexgen and ABN Amro bought 2 million shares at a price of €57 after the market closed on Dec. 16.

Casino said the transaction will reinforce its financial structure. The company will benefit from future increases in its stock price through a reduction in the redemption amount at maturity.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.