Casino - comment

Casino announced the tender for their Jan 23 bonds this morning, tendering at par funded with the money already allocated in the segregated account. This is not a surprise after the GreenYellow completed sale. It should be noted that the request earlier in the month to identify the holders of bonds excluded these Jan ’23 bonds as they were always likely to be repaid at par. This removes any near-term repayment default, with the next maturity due in Jan 2024, the “Quatrim” secured bonds.