Commentary & Deal Flow

Withdrawn due to market conditions: Fnac Darty SA (FNACFP) EUR300m Reg S only sr notes due Jan 2029 (5.25y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/BB+/BB+ (negative/negative). Via BNP/CA (B&D) jt physical books/Natixis/SocGen jt glocos/BBVA/Belfius/Caixabank/CM-CIC/La Banque Postale jt books. No reg rights. List Dublin. NY law. Semi pay. Px talk: 5.625% area (+/- 12.5bp). Roadshow Tues-Weds (investor call at 10am UKT yesterday). Books closed at 1:30pm UKT today. UOP: along with cash on hand, to redeem its EUR300m 1.875% sr notes due 05/30/24 (callable at 100). Principal shareholders Vessa Equity Investment (24.8%), Ceconomy Retail Intl (24%) and Endexia Deveoppement (11.2%) (37% 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.

Fnac Darty said in a press release that it benefits from a solid financial structure, with no short-term maturities and no immediate refinancing needs. In the absence of this new issue, the Delayed-Draw Term Loan (DDTL), an undrawn bank credit line of EUR300m will be dedicated to refinancing its outstanding May 2024 senior bonds. The DDTL has an initial maturity of December 2025, with a possible extension to 2027, upon lenders' approval.