ITM Entreprises, the financial and legal holding of Groupement Mousquetaires, which includes the brands Intermarché, Netto, Bricorama, Brico Cash, Bricomarché, Roady, and Rapid Pare-Brise, as well as the real estate and agri-food sectors of Groupement Mousquetaires, has successfully completed its inaugural EUR 500,000,000 Rated Eurobond. Groupement Mousquetaires issued a new benchmark security with an Investment Grade rating (S&P (BBB-) and EthiFinance (BBB)) following an unrated EUR 300,000,000 bond issue in July 2024.

The net proceeds of the bonds will be used for the refinancing in part of the EUR 1,100,000,000 syndicated credit facility provided in connection with the acquisition of points of sale previously owned by Casino France and/or the general corporate purposes of ITM Entreprises. Addleshaw Goddard also advised on the legal aspects of the financing of the 284 points of sale from Casino France in 2023 and 2024.

The bonds have an interest of 4.125% per year, mature on 29 January 2030, and are admitted to trading on the Euro MTF, operated by the Luxembourg Stock Exchange.

In the context of this operation, BNP PARIBAS, Natixis, and Societe Generale acted as Global Coordinators and Active Bookrunners. Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe, La Banque Postale acted as Active Bookrunners and Crédit Industriel et Commercial S.A acted as Passive Bookrunners.

Laurent Bonhomme, director financing, treasury & financial communication of Groupement Mousquetaires, commented:

"We are delighted with the strong appetite for this transaction, which was almost 6 times oversubscribed, reflecting investor confidence in Groupement Mousquetaires' business model and long-term strategy.

With two bonds issue now rated "Investment Grade" by two rating agencies, the group has diversified its sources of financing to support its growth. This is an important strategic step that we have taken to strengthen our financial position and support our future development. "

Charles Tissier, partner at Addleshaw Goddard in France, commented:

Addleshaw Goddard (Europe) LLP advised ITM Enterprises, with a team composed of Charles Tissier, partner, Stéphanie Chami, associate and Lara Roig.

CMS Francis Lefebvre acted as advisor to the Global Coordinators and the bank syndicate with a team composed of Rosetta Ferrère, partner, Florie Poisson and Victor Delion, associates.