Fnac Darty SA (FNACFP) EUR300m Reg S only sr notes due 04/01/32 (7y). NC3 (04/01/28) (MWC B+50bp), hen at 102.375, 101.1875, 100. Equity claw: 3y 40% at 104.75. NR/BB+/BB+ (--/stable/stable). Via BNP (B&D)/CA jt physical books/Natixis/SocGen jt glocos/BBVA/Belflus/BRED Banque Populaire/Caixa/CIC/Banque Postale jt books. List Dublin. NY law. CoC at 101. Settles 04/02 (T+6). ISIN: XS3022166493. IPT: 5.00%-5.25%. Price talk: 4.875% area (+/-12.5bp). Final terms: EUR300m at 4.75%.
Priced: 4.75% at 100. +218bp vs DBR 0.00% 02/15/28.
Roadshow (1-on-1s) 03/24-25 (investor call at 10:30am UKT 03/24). Books closed at 12:30 UKT / 13:30 CET 03/25. UOP: repurchase the EUR200m OCEANE (Obligations Convertibles Echangeables en Actions Nouvelles ou Existantes) bond due 2027, repay EUR75m debt incurred to fund the EUR75m cash component of the cash and stock acquisition of Unieuro, and EUR23m for GCP. Principal shareholders Vessa Equity Investment (28%), Ceconomy Retail Intl (22%) and GLAS SA (10%) (35% public float). Biz: the leading omnichannel retailer in consumer electronics, domestic appliances, editorial products in France, and relevant market positions in Benelux, Iberia and Switzerland. HQ: Ivry-sur-Seine, Paris, France.
Deal Roadshow: https://dealroadshow.com/e/FALCON25