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ITM Entreprises (ITMENT; unrated)(private co)

CONSUMER STAPLES

Mandate €300m-500m Snr Unsecured 5Y, 3m par call

The French supermarket and retailer group is coming unrated, UoP is to refi out the bridge facility it used for Casino store acquisitions. Quick glance BS look solid and margins look to be holding better than Elo/Auchan. Fair value will follow.

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