Liability management catches on as Casino deals Eu1.5bn

05 Feb 2010

Casino Guichard-Perrachon this week became the latest European corporate to extend the maturity of its debt through an exchange and tender offer as tightening spreads make liability management exercises increasingly attractive.

On Tuesday, the French supermarket company (rated BBB-/BBB-) issued Eu887.75m of seven year paper to complete its liability management exercise, exchanging it for some of its bonds due in 2012 and 2013.

The bond exchange and tender offers, launched on January 26 and led by BNP Paribas, Calyon, ...

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