Linklaters has advised the global co-ordinators, mandated lead arrangers and bookrunners, including JP Morgan, Credit Suisse and BNP Paribas, on a revolving credit facility (RCF), senior secured notes and term loan B for the global French food retailer, the Casino Group.
The group announced this month the syndication of a EUR1 billion term loan B and placement of a EUR800 million senior secured notes, both maturing in January 2024. The announcement was well-received in the market with both the bond and loan oversubscribed.
The complex financing solution across multiple jurisdictions and legal systems was run out of Linklaters offices in France and the UK. The team in Paris led on the RCF governed by French law as well as French law aspects of the senior secured notes. The London office led on the term loan B credit facility governed by English law with a New York law covenant schedule, together with a complex and bespoke English law inter-creditor agreement.
A well-established player in the French retail industry since 1898, the Casino Group is also a leader in the global food retail market, with more than 12,000 stores worldwide – across France, Latin America and in the Indian Ocean region and EUR36.6 billion in sales. The group also has nearly 280 affiliated stores in 27 countries.
