Casino - comment

Casino confirmed the tender and cancellation of €100m of their Quantrim bonds, at a price of 94% plus accrued, reducing the outstanding amount to €553m.  Allocation was ultimately low at a mere 22%, demonstrating the level of concern among Quatrim holders. This tender will reduce the Senior Secured Debt for covenant purposes that are tested at quarter end.

We published our thoughts on Casino last night, outlining some options available to Casino and Naouri in relation to the proposed tender and dealing with the outstanding debt at Casino France level. We expect some further details on the merger in the coming weeks as time/liquidity is not on Casino’s side.