Groupe Casino: Update on accession to the lock-up agreement relating to the financial restructuring of the Group; Appointment of an independent expert
17 Ottobre 2023 - 7:53PM
Groupe Casino: Update on accession to the lock-up agreement
relating to the financial restructuring of the Group; Appointment
of an independent expert
Update on accession to the lock-up
agreement relating to the financial restructuring of the
Group
Appointment of an independent
expert
Paris, 17 October 2023
Further to its previous press releases1, Casino
Group announces that as of 17 October 2023, the last accession date
for the lock-up agreement dated 5 October 2023 (the
"Lock-up Agreement") relating to its financial
restructuring, the following creditors have acceded to the Lock-up
Agreement :
- creditors
economically holding 98.6% of the Term Loan B2 ;
- principal
commercial banking groups and some of the above-mentioned creditors
economically holding 90.0% of the RCF3 ;
- holders
of notes issued by Quatrim representing 78.0% of these notes ;
- 51.0% of
unsecured financial creditors (high yield bonds, EMTN notes and NEU
CP); and
- 44.3% of
perpetual subordinated noteholders.
The Group's other financial creditors may still
accede to the Lock-up Agreement, but they will not benefit from the
support fee for acceding to the Lock-up Agreement4 nor from the
right to subscribe to the 275 million euros backstopped capital
increase (see press release of 5 October 2023).
In the context of the various capital increases
to be implemented as part of Groupe Casino’s financial
restructuring, and in anticipation of (i) the vote of shareholder’s
classes and (ii) the review by the Autorité des marchés financiers
of the prospectuses relating to the proposed capital increases,
Groupe Casino announces that the Board of Directors of Casino has,
after review of the intervention proposal by the ad hoc committee
and pursuant to article 261-3 of the AMF's General Regulations,
appointed Sorgem Evaluation, represented by Maurice Nussenbaum, as
independent expert to give its opinion on the fairness of the
financial terms of the restructuring plan for the Company's current
shareholders.
This press release was prepared solely for
information purposes and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. Recipients should
not consider it as a substitute for the exercise of their own
judgement. All the opinions expressed herein are subject to change
without notice
* * *
ANALYSTS AND INVESTORS
CONTACTS
Christopher WELTON -
cwelton.exterieur@groupe-casino.fr - Tel: +33 (0)1 53 65 64 17
orIR_Casino@groupe-casino.fr - Tel: +33 (0)1 53 65
24 17
PRESS CONTACTS
Groupe Casino – Communications
Director
Nicolas BOUDOT -
nboudot@groupe-casino.fr - Tel: + 33 (0)6 79 61 40 99
ordirectiondelacommunication@groupe-casino.fr -
Tel: + 33(0)1 53 65 24 78
Agence IMAGE 7
Karine Allouis - kallouis@image7.fr - Tel: +33
(0)6 11 59 23 26
Laurent Poinsot - lpoinsot@image7.fr - Tel: +
33(0)6 80 11 73 52
Franck Pasquier - fpasquier@image7.fr - Tel: +
33(0)6 73 62 57 99
1 Press releases of 5, 11 and 13 October 2023.2
It should be noted that creditors holding 85.4% of Term Loan B have
undertaken to vote in favour of the financial restructuring under
the accelerated safeguard proceedings.3 It should be noted that
creditors holding 88.8% of the RCF have undertaken to vote in
favour of the financial restructuring under the accelerated
safeguard proceedings.4 It should be noted that the support fee is
granted exclusively to unsecured creditors and to holders of
perpetual subordinated notes who have acceded to the Lock-Up
Agreement before the last accession date.
- 2023 10 17 - PR - LUA Update
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