Casino: Moody's rating unaffected by refinancing
(CercleFinance.com) - Casino shares are up in Paris on Friday as Moody's announced that the debt refinancing operation launched by the retailer this week would not affect its credit ratings.
Indeed, on Tuesday Casino announced that it would refinance its Term Loan B maturing in August 2025 for 400 million euros, as well as a buyback offer on bond issues maturing in 2023 and 2024.
It justifies this refinancing operation by the need to extend the maturity of its debt and lower its cost.
In a statement, Moody's notes that the scheme will not result in the retailer increasing its indebtedness, but instead will enable it to reduce its interest burden by around 3 million euros per year.
The agency therefore maintains its "B3" rating and "stable" outlook on the group's bond debt.
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