Fnac Darty S.A. launches a repurchase invitation with respect to its outstanding OCEANEs due March 2027 via a reverse bookbuilding

Core Viewpoint - Fnac Darty S.A. is initiating a repurchase invitation for its outstanding OCEANEs due March 2027, utilizing a reverse bookbuilding process to gather orders from bondholders willing to sell [2][5]. Group 1: Repurchase Details - The company aims to repurchase approximately €190 million of its 2027 OCEANEs, with a repurchase price set at €77.25 per bond [5][7]. - As of March 28, 2025, the total outstanding amount of the 2027 OCEANEs was €199,999,947.63 [6]. - The results of the reverse bookbuilding process are expected to be announced on April 1, 2025, with settlement anticipated on April 8, 2025, contingent upon the issuance of new senior notes [9]. Group 2: Financing and Use of Proceeds - The company successfully placed €300 million in senior notes due 2032, with an interest rate of 4.750% per annum, expected to be issued on April 2, 2025 [3][4]. - Proceeds from the new notes will be allocated to fund the repurchase, refinance the Unieuro acquisition, and cover related fees and expenses, with any remaining funds directed towards general corporate purposes [4]. Group 3: Company Overview - Fnac Darty operates in 14 countries and is a leading European retailer in consumer electronics and domestic appliances, with a revenue of approximately €8 billion in 2024, including 22% from online sales [17]. - The company has over 30,000 employees and a network of more than 1,500 stores, positioning it as a major player in e-commerce, ranked 2 in France [17].