Casino - comment

The sale of Green Yellow has completed this morning, with Casino receiving €220m of additional proceeds. Casino had already received €350m in pre-financing from Farallon Capital in September. €30m has been held in escrow subject to certain operational issues. Casino retains a 15% stake in the business.
Casino have continued to execute buybacks in the market, purchasing c.€56m face of bonds in Q3, with a further c.€40m in October.
We expect Casino to continue to deleverage with the proceeds, focusing on their short-term debt plus secured. We are expecting Casino to have met its Q3 covenant (made easier by the advance of €350m from Farallon Capital above), with the next pinch point likely in Q1 2023.