Fnac Darty announced the finalization of its long-term debt securities refinancing which will allow the Group to benefit from a longer maturity profile and to maintain solid long-term liquidity while optimizing its cash management. The Group has successfully carried out the placement of ?550 million in aggregate principal amount of senior notes due April 2029 which will bear interest at a rate of 6.00% per annum. The transaction was favorably received by a diversified base of institutional investors in France and abroad and was oversubscribed several times.

The issuance of the new notes is expected to take place on March 28, 2024, subject to customary conditions. Fnac Darty has benefited from a favorable market environment to refinance in full: its ?300 million 1.875% senior notes due May 2024; and its ?350 million 2.625% senior notes due May 2026. In parallel, the Group has obtained the consent of its banks to extend the maturity of its delayed-draw term loan, the available amount of which is ?100 million, from December 2026 to March 2028, with the addition of two extension options of one year each, to March 2029 and March 2030, exercisable at the request of Fnac Darty and subject to the approval of the lenders.

Fnac Darty does not expect to draw on this ?100 million line on the issue date of the new notes. The Group also has a ?500 million revolving credit facility maturing in March 2028 that can also be extended to March 2030. There are currently no drawings outstanding on the RCF.

Thanks to this transaction, the Group is reducing its drawn gross debt by ?100 million but is preserving its unchanged solid liquidity positioning, while benefitting from the remainder of its undrawn ?100 million delayed-draw term loan, which can be used for the Group?s general corporate purposes until March 2028.