Rallye, the parent of French supermarket chain Casino, signed a confirmed credit facility maturing June 30th, 2020 for an amount of €500MM ($581.4) with five of its core banks: BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, HSBC and Natixis, demonstrating their willingness to support Rallye on the long term.
This additional confirmed credit facility does not benefit from any pledge on Casino shares and comes on top of Rallye’s current liquidity.
According to Reuters, Rallye bought more time ahead of a key bond refinancing deadline with the new credit line. Casino, whose net debt stood at €5.4 billion at the end of June, also pledged to sell 1.5 billion euros’ worth of assets by early 2019 to help cut debt.
