Signing of a new €2.0bn revolving credit facility as part of the refinancing plan
Paris, 19 November 2019,
Following the press release issued on 7 November, Casino announced the signing of a new €2.0bn revolving credit facility, maturing in October 2023 as part of its refinancing plan presented on 22 October.
Twenty-one French and international banks take part in this facility:
- BNP Paribas, Crédit Agricole CIB, Crédit Agricole Paris Ile de France, Crédit Lyonnais, Credit Suisse, HSBC, JPMorgan, Natixis and Société Générale acted as arrangers and bookrunners
- Bank of America Merrill Lynch, Bradesco, Citigroup, Crédit 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 three borrowers under this facility. The documentation includes change of control provisions aligned with the existing documentation.
It also includes two financial covenants, which will be tested on a quarterly basis (and for the first time on 31 March 2020) at the France Retail plus E-commerce perimeter:
- A ratio of adjusted gross debt1 to EBITDA, the level of which varies over time2
- A ratio of EBITDA to financial expenses that needs to be higher than 2.25x
The amount of the existing Casino and Monoprix revolving syndicated facilities (currently €2.25bn), maturing in 2021 and 2022, will be reduced by the amounts extended into the new revolving credit facility. The…