Investisseurs

Financing

A controlled bond debt schedule : no redemption before October 2018

  • As at December 31, 2016, the average maturity of Rallye’s bond debt is 3.4 years.


A controlled non- bond debt schedule : no redemption before 2018

  • As at December 31, 2016, the average maturity of Rallye’s non-bond debt is 3.6 years.


Covenants independent from Casino’s share price and met with ample headroom at year end 2016

  • 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 (3,93x as at 12/31/2016): 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 (1,7 Md€ as at 12/31/2016): Can be read directly in Rallye’s unconsolidated financial statements. Calculated once a year at year-end.


Further decrease of Rallye’s cost of net financial debt in 2016

  • Over the last semesters, Rallye replaced the majority of its most expensive financing by cheaper resources.
  • In 2016, Rallye carried on the optimization of its financial costs by arbitrating between available resources:
    • Buyback of €35m of bonds maturing in 2021;
    • Signing of bank financings at a reduced cost compared to bonds;
    • Bond issuance in Swiss francs at a cost below the yield of an equivalent bond in euro.
  • Rallye’s cost of net financial debt stood at €105m in 2016 compared to €112m in 2015. In 3 years, Rallye has reduced its cost of net financial debt by approximately 45%.


Secured financing and controlled Casino share pledges

  • Bonds and commercial paper are not subject to asset pledges.
  • As at December 31, 2016, €250m of bank loans are subject to Casino share pledges.
  • €1.45bn of credit lines also require Casino share pledges, only when drawn. As at December 31, 2016, €260m of drawn credit lines required Casino share pledges.
  • 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, 2016, 15.1m of Casino shares were pledged.

 

Obligations

INVESTOR PRESENTATION

Download the Investor Presentation May 2017

 

BONDS AND EMTN PROGRAMME

EMTN Programme

  • Issuer: Rallye
  • Programme Amount: Eur 4,000,000,000
  • Arranger: Barclays Capital
  • 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 Base prospectus 2015

Download the First supplement dated May 10 2016

Download the Second Supplement dated August 17 2016

Download the Third Supplement dated october 16 2016

Download the Base prospectus dated december 16 2016

Download the Indicateurs non-gaap

Download the First supplement dated April 20 2017

 

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

 

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

 

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

 

RALLYE Share

+  RALLYE share price

Press releases
  • 06/07/2017
    Dividend reinvestment option in shares results
  • 05/16/2017
    Success of the €350m Bond Issue, with a maturity above five years and a yield at 4.375%
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