Fnac Darty : New offering of € 500m due 2029
Fnac Darty has launched an offering of €500 m of fixed rate senior notes due 2029 NC 2 to refinance up to € 600m of its 2024 and 2026 existing bonds. The IPT has been announced at high 6%s, which we consider extremely generous and should, this time, easily ensure the success of the transaction, probably at a lower rate. In this report, we review the transaction terms, the latest results and outlook, as well as some speculative opportunities and risks. Lastly, we estimate a fair p...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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