Fnac Darty : New bond offering and adjustment of our recommendations
Fnac Darty has launched an offering of €300 m in aggregate principal amount of fixed rate senior notes due January 2029 (NC2) to refinance its May 2024 maturity. In a macro environment that has clearly become more challenging for household appliances and consumer electronics in recent months, we examine the risks for the second half of the year, the maintenance of guidance, credit metrics and ratings. We are adjusting some of our recommendations based on relative values and estim...Fnac Darty is engaged in the leisure and entertainment, technology, and household appliances retail market in France and a player on markets in other countries where it operates such as Spain, Portugal, Belgium, the Netherlands and Switzerland. Fnac Darty also has franchise operations in Morocco, Qatar and Ivory Coast.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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