Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Debt Investor Presentation (July 2023)
13 slides from Casino, Guichard-perrachon Sa's debt investor presentation, Jul 17, 2023
Slide 1: Presentation of the EPGC/Fimalac/Attestor offer received on 15/07/2023
Presentation of the EPGC/Fimalac/Attestor offer received on 15/07/2023 July 17th, 2023 Strictly Strictly confidential confidential
Slide 2: Disclaimer
DISCLAIMER ◼ This presentation has been prepared by Casino, Guichard-Perrachon (“Casino” or the “Company”) in the context of the discussions and negotiations between it and certain of its creditors in respect of the restructuring of its financial indebtedness and related transactions. It is not inte
Slide 3: Introduction
INTRODUCTION ◼ Starting point of the analyses presented in this document is the projected balance sheet position at the end of December 2023, as presented in Accuracy's Independent Business Review ("IBR"), taking into Methodological account the liquidity levers activated since the start of the conci
Slide 4: Reminder of the key criteria from the Company's point of view
REMINDER OF THE KEY CRITERIA FROM THE COMPANY’S POINT OF VIEW As a reminder, the key assessment criteria that were presented by the Company to its Creditors on June 28, 2023 are set-out below: 1 Business continuity and chances of securing its long-term viability ◼ 2 Integrity of the French perimeter
Slide 5: Overview of the offer
OVERVIEW OF THE OFFER EPGC/Fimalac offer (03/07) Consortium offer (15/07) 1 ◼ Total New Money: €1,350m (o/w €904m backstopped) ◼ Total New Money: €1,200m (100% backstopped) Reserved to EPGC/Fimalac: €860m Reserved to EPGC/Fimalac/Attestor: €925m Total Reserved to secured creditors: €290m Res
Slide 6: New money structure
NEW MONEY STRUCTURE EPGC/Fimalac Offer (03/07) Consortium Offer (15/07) 1 Reserved capital increase 1 Consortium’s reserved capital increase ◼ Total New Money: €1,350m ◼ Quantum: €925m Reserved to EPGC/Fimalac: €860m Reserved to secured creditors: €290m 2 Backstopped capital increase Rights is
Slide 7: Incentive mechanism for secured creditors participation
INCENTIVE MECHANISM FOR SECURED CREDITORS PARTICIPATION EPGC/Fimalac Offer (03/07) Consortium Offer (15/07) ◼ N.a. 1 Maximizing participation in the €275m capital increase ◼ For all secured creditors participating in the €275m capital increase, the conversion into equity corresponding to their share
Slide 8: Treatment of existing debt
TREATMENT OF EXISTING DEBT EPGC/Fimalac Offer (03/07) Consortium Offer (15/07) Amount Reinstated Amount Amount Reinstated Amount Equitized Amount Terms Equitized Amount Terms ◼ RCF ◼ RCF ◼ 4 Years ◼ 5 Years €1,000m €750m ◼ Pricing: Euribor + 1% for the ◼ Pricing to be adjusted first 24 months then E
Slide 9: Elevation mechanism / preserving operational financing
ELEVATION MECHANISM / PRESERVING OPERATIONNAL FINANCING ◼ Beneficiaries: secured creditors holding a banking license in France (i.e. excluding fronting banks) and participating to date in the Group’s operational financing (factoring, reverse factoring, inventory outsourcing and overdrafts) ◼ Conditi
Slide 10: Implied shareholding structure
IMPLIED SHAREHOLDING STRUCTURE Before dilution of 5% due to backstop warrants % capital EPGC/Fimalac offer (03/07) Consortium offer (15/07) 1 Existing shareholders 0.2% 0.3% Rights issue 8.6% 1 EPGC / Fimalac 50.1% 2 Consortium 53.0% Backstopped capital increase 14.9% Secured creditors 36.7% 28.4% O
Slide 11: Management & governance
MANAGEMENT & GOVERNANCE Consortium Offer (15/07) 1 ◼ Board of directors to be modified in accordance with Afep-Medef governance code Governance ◼ Majority of the directors appointed by the Consortium 2 ◼ CEO: Philippe Palazzi, advised by Jean-Paul Mochet Management ◼ Implementation of the strategy i
Slide 12: Additional features
ADDITIONAL FEATURES Consortium Offer (15/07) ▪ Exemption by the AMF from the obligation to file a mandatory public offer in the event of a shareholding threshold Main conditions being crossed precedent ▪ Authorization under i) merger control and ii) foreign investment in France Due diligence ▪ No co
Slide 13: Target timetable as set out in the offer
TARGET TIMETABLE AS SET OUT IN THE OFFER Date Item 15 September 2023 ▪ Agreement on the long form documentation reflecting the terms of the offer (at the latest) 30 September 2023 ▪ Approval by the general meeting of Casino of the capital increases under the terms of the offer (at the latest) End of
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