PARIS (Agefi-Dow Jones)–The Casino group launched a buyout offer on Friday for its entire “EMTN 2023” bond issue, for an amount of 189.7 million euros.
The buyback offer is launched at par in an “any and all” format under which all bonds validly tendered to the offer will be accepted for buyback. The offer will close on Friday November 4 at 5:00 p.m.
The operation will be financed by means of funds available in the group’s escrow account, the balance of which currently stands at 189.7 million euros. This bond line matures on January 25, 2023, Casino said in a press release.
“This tender is positive, because in the short term it rules out management’s desire to restructure the debt, which was one of the scenarios envisaged by investors”, underlines Octo Finances.
The analyst office expects further bond buybacks from the distributor. “We believe that the proceeds received for GreenYellow (€600 million) and the monetization of Assai (approximately $500 million) expected at the end of November, together with other small disposals, will allow Casino to also tender on the senior unsecured 4.498% 2024 (529 million euros outstanding) and the Quatrim 5.875% 2024 (720 million euros outstanding)”, indicates the analyst office.
-Francois Schott, Agefi-Dow Jones; 01 41 27 47 92; [email protected] ed: LBO
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October 28, 2022 06:07 ET (10:07 GMT)