Investisseurs

Financing

A controlled bond debt schedule

  • As at December 31, 2017, the average maturity of Rallye’s bond debt is 3.2 years.


A controlled non- bond debt schedule

  • As at December 31, 2017, the average maturity of Rallye’s non-bond debt is 2.8 years.


Covenants independent from Casino’s share price and met with ample headroom at year end 2017

  • There are no covenants on Rallye’s bond documentation nor on Rallye’s commercial paper program.
  • Rallye’s bank documentation does not include any covenant or step-up clause linked to Rallye’s NAV, Rallye’s net debt coverage by assets ratio, Casino’s share price or rating.
  • The only covenants on Rallye’s bank debt (drawn and undrawn) are the following:
    • Consolidated EBITDA / consolidated cost of net financial debt > 2.75 (4,04x as at 12/31/2017): can be read directly in Rallye’s consolidated financial statements. Calculated twice a year: at 06/30 on a LTM basis, and at 12/31;
    • Standalone equity of Rallye SA (statutory accounts) > €1.2bn (1,8 Md€ as at 12/31/2017): Can be read directly in Rallye’s unconsolidated financial statements. Calculated once a year at year-end.


Cash Flow equation is again positive in 2017

  • Rallye’s net financial debt decreased in 2017, at €2,877m, compared to € 2,899m at the end of 2016
  • Rallye's recurring cash-flow aquation was again positive in 2017, at +€29m, in line with 2016 thanks to:
    • Continuing optimization of Rallye’s net financial cost and holding costs compared to 2016
    • An adjusted dividend policy: Rallye paid in 2017 a dividend of €1.40 per share (vs €1.83 in 2017) with the option for a payment of dividend in shares. 78% of option rights were exercised (of which 100% for Foncière Euris).
  • Rallye will preserve a positive recurring cash flow equation in 2018 through constant optimization of its financial and holding costs, and through an adjusted dividend policy.


Secured financing and controlled Casino share pledges

  • Bonds and commercial paper are not subject to asset pledges.
  • As at December 31, 2017, €250m of bank loans are subject to Casino share pledges.
  • €1.41bn of credit lines also require Casino share pledges, only when drawn.
  • Shares are pledged following a ratio of 130% of notional drawn, with margin calls and share releases according to Casino’s share price.
  • As at December 31, 2017, 6.7m of Casino shares were pledged.

 

Obligations

INVESTOR PRESENTATION

Download the Investor Presentation March 2018

 

BONDS AND EMTN PROGRAMME

EMTN Programme

  • Issuer: Rallye
  • Programme Amount: Eur 4,000,000,000
  • Dealers: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, HSBC, Natixis, Société Générale Corporate & Investment Banking, Natwest Markets
  • Issuance: Public Syndicated and private placements
  • Fiscal and Paying Agent: BNP Paribas Securities Services

Download the Indicateurs non-gaap dated 30 June 2018

Download the Indicateurs non-gaap dated 31 December 2017

Download the Base Prospectus dated 18 December 2017

Download the Base Prospectus dated 13 December 2018

 

March 2019

  • ISIN code: FR0011441831
  • Issue date: 11 March 2013
  • Maturity: 11 March 2019
  • Total par value: €300 millions
  • Annual interest rate: 4.25%
  • Redemption value: €100,000

Download the Final Terms dated 8 March 2013

 

October 2018

  • ISIN code: FR0011337872
  • Maturity: 15 October 2018
  • Total contribution of 26 April 2013: €150 millions
  • Total par value: €300 millions
  • Annual interest rate: 4.25%
  • Redemption value: €100,000

Download the Final Terms of the tap dated 25 April 2013

 

Octobre 2020 - Exchangeable Bonds for ordinary shares of Casino, Guichard Perrachon

  • ISIN code: FR0011567908
  • Issue date: September 2013
  • Maturity: 2 October 2020
  • Total par value: €375 millions
  • Annual interest rate: 1.00%
  • Yield to maturity: 2.25%
  • Redemption value: €108.3462

Download the Terms and Conditions

Download the notice : Exchange ratio adjustment

 

November 2020

  • ISIN code: CH0341440326
  • Issue date: 23 November 2016
  • Maturity: 23 November 2020
  • Total par value: CHF 75 millions
  • Annual interest rate: 4.00%
  • Redemption value: at par

April 2021

  • ISIN code: FR0011801596
  • Issue date: September 2013
  • Maturity: March 2014
  • Total par value: €500 millions
  • Annual interest rate: 4%
  • Redemption value: €100,000

Download the Final Terms dated 25 March 2014

 

February 2022 - Non-dilutive cash-settled bonds exchangeable into Casino, Guichard Perrachon shares

  • ISIN code: FR0013215415
  • Issue date: October 2016
  • Maturity: 1st February 2022
  • Total par value: €200 millions
  • Interest rate: 5.25%

Download the Notice dated 9 november 2016

Download the Notice dated 9 may 2017 - Exchange price adjustment

Download the Notice dated 18 may 2018 - Exchange price adjustment

 

January 2023

  • ISIN code: FR0013257557
  • Issue date: May 2017
  • Maturity: January 2023
  • Total par value: €350 millions
  • Annual interest rate: 4.371%
  • Redemption value: at par

Download the Final Terms dated 19 May 2017

 

February 2024

  • ISIN code: CH0398013778
  • Issue date: 08 February 2018
  • Maturity: 08 February 2024
  • Total par value: CHF 95 millions
  • Annual interest rate: 3.25%
  • Redemption value: at par