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CONSUMER STAPLES: Casnio (COFP; Secured PIK; NR/NR/B+) pays down single PIK

CONSUMER STAPLES
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As it announced other day, the sale of 26 commercial properties to Tikehau Capital for €200m (mix of supermarket & hypermarkets - some leased to ITM, Carrefour & Auchan) has funded €198.7m paydown of the secured PIK. €300.5m left outstanding. {ZB121969 Corp}

Based on 1H numbers it will take gross/net debt to €1.9b/€0.8b (most in term loans). For reference at the end of last year it had over €7b in gross debt was running a €2.6b net loss. It has since agreed to sell around 350 hypermarket and supermarkets to ITM (225), Auchan (98) and Carrefour (25) as it turns its focus to smaller convenience stores to reflect the changing consumer preferences. The former are now Auchan/ITM bondholders issue to deal with.

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As it announced other day, the sale of 26 commercial properties to Tikehau Capital for €200m (mix of supermarket & hypermarkets - some leased to ITM, Carrefour & Auchan) has funded €198.7m paydown of the secured PIK. €300.5m left outstanding. {ZB121969 Corp}

Based on 1H numbers it will take gross/net debt to €1.9b/€0.8b (most in term loans). For reference at the end of last year it had over €7b in gross debt was running a €2.6b net loss. It has since agreed to sell around 350 hypermarket and supermarkets to ITM (225), Auchan (98) and Carrefour (25) as it turns its focus to smaller convenience stores to reflect the changing consumer preferences. The former are now Auchan/ITM bondholders issue to deal with.

Keep reading...Show less