Groupement Les Mousquetaires has announced the success of its inaugural bond issue on the unrated public bond market, first inaugural unrated transaction on the French public bond market since 2020.

Groupement Les Mousquetaires successfully completed its first bond issue on the public bond market on 22 July 2024. ITM Entreprises (the group’s operating structure) issued a total amount of €300,000,000 bearing interest at a rate of 5.750% and maturing on 22 July 2029. The bonds are listed on the Euro MTF of the Luxembourg Stock Exchange and have not been rated. The banking syndicate included Crédit Agricole Corporate and Investment Bank and Société Générale as Global Coordinators, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial S.A., Natixis and Société Générale as Active Bookrunners and HSBC Continental Europe, ING Bank N.V., Belgian Branch and La Banque Postale as Passive Bookrunners.

The proceeds of the issue will be used for general corporate purposes and to partially repay the €1,100,000,000 financing put in place in February 2024 for the acquisition of Casino France points of sale.

Prior to this transaction, Addleshaw Goddard (Europe) LLP's Finance team assisted Groupement Les Mousquetaires in the conclusion of (i) a loan agreement for a total amount of €1,100,000,000 for the acquisition of sales outlets from Casino France in September 2023 and (ii) a Euro PP bond financing for an amount of €210,000,000 in October 2023.

The Addleshaw Goddard (Europe) LLP team was led by Charles Tissier (Partner), assisted by Stéphanie Chami (Associate).

CMS Francis Lefebvre acted as legal advisor to the bookrunners with Rosetta Ferrère (Partner), Florie Poisson and Victor Delion (Associates).