Fnac Darty announces an agreement with its banks regarding the amendment of its Delayed-Draw Term Loan, and advanced discussions for the implementation of extension options for the existing RCF credit line
12 Settembre 2023 - 8:35AM
Fnac Darty announces an agreement with its banks regarding the
amendment of its Delayed-Draw Term Loan, and advanced discussions
for the implementation of extension options for the existing RCF
credit line
Fnac Darty announces an agreement with
its banks regarding the amendment of its
Delayed-Draw
Term
Loan,
and advanced discussions
for the implementation of extension
options for the existing RCF credit line
Ivry-sur-Seine, France —
September
12, 2023
- 8:35
AM CEST. As previously disclosed, Fnac Darty S.A.
(the “Company”) has been party since December 2022
to a Delayed-Draw Term Loan agreement (the “DDTL”)
giving it access to an undrawn committed term loan facility of €300
million for the purpose of refinancing its senior notes due 2024
issued in 2019 (the “2024 Notes”).
The Company today announces an agreement with
its banks regarding the DDTL. Subject to the closing of the
issuance of the new €300 million senior bonds announced today, the
amount available under the DDTL will be reduced to €100 million.
Moreover, the DDTL will be further amended to change its purpose to
be used for general corporate purposes. The maturity date of the
DDTL is still December 16, 2025, and such maturity may be extended
by one or two years upon lenders’ approval.
The Company does not intend to draw on the new
€100 million DDTL on the issue date of the new senior notes.
The Company further notes that if the closing of
the new senior notes does not take place, the DDTL will not be
modified. The DDTL will remain €300 million, available for drawing
until the final maturity date of the 2024 Notes.
In addition, its €500 million RCF credit line
maturing in 2028 may include two new extension options allowing
this credit line to be extended to 2030 upon lenders’ approval. The
Group is in advanced discussions with its lenders, who are showing
strong support. The implementation of these new extension options
is expected in the next few months.
Important notice
This press release may include forward-looking
statements. These forward-looking statements can be identified by
the use of forward-looking terminology, including the terms
“believes”, ‟estimates”, ‟anticipates”, “expects”, “intends”,
“may”, “will” or “should” or, in each case, their negative, or
other variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts and
include statements regarding the Company’s or its affiliates’
intentions, beliefs or current expectations concerning, among other
things, the Company’s or its affiliates’ results of operations,
financial condition, liquidity, prospects, growth, strategies and
the industries in which they operate. By their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future. Readers are cautioned that forward-looking
statements are not guarantees of future performance and that the
Company’s or its affiliates’ actual results of operations,
financial condition and liquidity, and the development of the
industries in which they operate may differ materially from those
made in or suggested by the forward-looking statements contained in
this press release. In addition, even if the Company’s or its
affiliates’ results of operations, financial condition and
liquidity, and the development of the industries in which they
operate are consistent with the forward-looking statements
contained in this press release, those results or developments may
not be indicative of results or developments in subsequent
periods.
This announcement shall not constitute an offer
to sell or a solicitation of an offer to purchase securities.
This press release constitutes a public
disclosure of inside information by the Company under Regulation
(EU) 596/2014 (16 April 2014) and Implementing Regulation (EU) No
2016/1055 (10 June 2016).
About Fnac
DartyOperating in 12 countries, Fnac Darty is a
European leader in the retail of entertainment and leisure
products, consumer electronics and domestic appliances. The Group,
which has more than 25,000 employees, had a multi-format network of
987 stores at the end of December 2022, and is ranked as a major
e-commerce player in France (close to 24 million unique visitors
per month on average) with its three merchant sites, fnac.com,
darty.com and natureetdecouvertes.com. A leading omnichannel
player, Fnac Darty’s revenue was around €8 billion in 2022, 22% of
which was realized online. For more information:
www.fnacdarty.com
CONTACTS
ANALYSTS /
INVESTORS Domitille
Vielle domitille.vielle@fnacdarty.com+33
(0)6 03 86 05
02 Laura
Parisot laura.parisot@fnacdarty.com +33
(0)6 64 74 27 18
PRESS Audrey
Bouchard audrey.bouchard@fnacdarty.com+33
(0)6 17 25 03 77
- 20230912_FnacDarty_PR_Cleansing
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