reports
- Carole Braudeau
- Carole Braudeau
- Anne-Barbara Nicco
Fnac Darty : Initiating coverage of the new bonds with a Neutral recom...
Fnac Darty has successfully priced a € 300m senior unsecured bond offering due 2032 (NC3). Issued at par, the notes carry a coupon of 4.75% vs. an IPT of 5-5.25% and a price talk of 4.875% a (+/-12.5). In our report published yesterday morning, we had estimated that the fair value could theoretically be 4.75% relative to its 'BB+' rating and peers on the market. However, if we were to take into account the discounted pricing of the existing 2029 notes, it should rather be in the low 5%s. The iss...
- Anne-Barbara Nicco
Fnac Darty : Nous initions la nouvelle obligation à Neutre et réitéron...
Fnac Darty a placé avec succès son émission obligataire unsecured de 300 m EUR à échéance 2032 (NC3). Emise au pair, l’obligation est assortie d’un coupon de 4,75% vs. un IPT de 5-5,25% et un price talk à 4,875%a (+/-12,5). Dans notre étude publiée hier matin, nous avions estimé que la fair value de l’émission pouvait être théoriquement de 4,75%, relativement à son rating BB+ et aux comparables, mais que si l’on tenait compte du pricing décoté de l’obligation existante 2029, elle serait plutôt d...
- Pierre François Merveille
Orange : Feedback 6th TMT Credit Days – 18 & 19 March 2025
On 18 & 19 March, we organized our 6th TMT credit days with nine issuers in the telecoms, media and technology sectors: Banijay Entertainment, MasOrange, Nexi, Orange, OVHcloud, SES, SoftBank Group, Telecom Italia and Worldline. 110 credit investors registered to the event. This document summarizes our feedback of the virtual meetings by issuer. If you have participated to the meetings, we thank you very much for filling in the questionnaires (links on page 2). Please don’t take this reminder in...
- Pierre François Merveille
Orange : Feedback 6th TMT Credit Days – 18 & 19 March 2025
On 18 & 19 March, we organized our 6th TMT credit days with nine issuers in the telecoms, media and technology sectors: Banijay Entertainment, MasOrange, Nexi, Orange, OVHcloud, SES, SoftBank Group, Telecom Italia and Worldline. 110 credit investors registered to the event. This document summarizes our feedback of the virtual meetings by issuer. If you have participated to the meetings, we thank you very much for filling in the questionnaires (links on page 2). Please don’t take this reminder in...
Fnac Darty announces the success of its offering of €300 million senio...
Fnac Darty announces the success of its offering of €300 million senior notes due 2032 NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Ivry-sur-Seine, France, March 25, 2025 Fnac Darty announces the success of its offering of €300 million senior notes due 2032 Fnac Darty announces today the successful closing of its €300 million bond issue due April 2032, bearing a fixed annual interest rate of 4.75% and issued at 100% of their par value. This offering was well received by a diverse base of institutional investors in France and inte...
Fnac Darty annonce le succès de son offre d'obligations seniorà échéan...
Fnac Darty annonce le succès de son offre d'obligations seniorà échéance 2032 de 300 millions d'euros NE PAS DISTRIBUER, DIRECTEMENT OU INDIRECTEMENT, AUX ÉTATS-UNIS, AU CANADA, EN AUSTRALIE OU AU JAPON Ivry-sur-Seine, le 25 mars 2025 Fnac Darty annonce le succès de son offre d'obligations senior à échéance 2032 de 300 millions d'euros Fnac Darty annonce aujourd’hui le succès de son émission obligataire pour un montant total de 300 millions d’euros à échéance avril 2032 portant un taux d’intérêt annuel fixe de 4,75% et émises à 100 % de leur valeur nominale. Cette opération a été accue...
- Anne-Barbara Nicco
Fnac Darty : New bond offering and OCEANE bond buyback
Fnac Darty has announced a proposed € 300m seven-year NC3 bond issue to fund a buyback offer for the 2027 OCEANE convertible bonds and refinance the cash portion of the Unieuro acquisition completed in late 2024. We seize the opportunity offered by this offering to review our credit opinion and recommendations and to estimate a fair price for the forthcoming bond issue.
- Anne-Barbara Nicco
Fnac Darty : Nouvelle émission obligataire et projet de rachat des Océ...
Fnac Darty a annoncé un projet d’émission obligataire de 300 m EUR sur 7 ans NC3 afin de financer une offre de rachat sur l’Océane 2027 et de refinancer la part en numéraire de l’acquisition d’Unieuro réalisée fin 2024. Nous saisissons l’opportunité de cette opération pour revoir notre avis crédit et nos recommandations et estimer un fair price pour la nouvelle émission.
- Carole Braudeau
Credit Morning 03/24/2025
February retail sales plunge in France, with few exceptions|Fnac Darty announces new bond issue to repay OCEANE notes annonce une nouvelle émission obligataire en vue notamment de racheter ses Océanes|Coty shed 20% stake in SKKN|Emeria reportedly considering selling Assurimo to resolve short-term liquidity|
- Carole Braudeau
Morning Crédit 24/03/2025
Des ventes Retail en nette baisse en février en France à de rares exceptions près|Fnac Darty annonce une nouvelle émission obligataire en vue notamment de racheter ses Océanes|Coty cède sa participation de 20% dans SKKN|Emeria songerait à céder Assurimo pour régler ses problèmes de liquidité à court terme|
Fnac Darty S.A. announces offering of €300 million senior notes due 20...
Fnac Darty S.A. announces offering of €300 million senior notes due 2032 Ivry-sur-Seine, France, March 24, 2025 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) (“U.S. PERSON”) OR IN OR INTO THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (TOGETHER, THE “UNITED STATES”) OR IN ...
Fnac Darty S.A. annonce le lancement d'une offre d'obligations senior ...
Fnac Darty S.A. annonce le lancement d'une offre d'obligations senior à échéance 2032 de 300 millions d'euros Ivry-sur-Seine, le 24 mars 2025 NE PAS DIFFUSER, PUBLIER OU DISTRIBUER, DIRECTEMENT OU INDIRECTEMENT, EN TOUT OU EN PARTIE, À UN RESSORTISSANT AMÉRICAIN (U.S. PERSON) (TEL QUE DÉFINI DANS LA RÉGULATION S DU U.S SECURITIES ACT OF 1933, TELLE QUE MODIFIÉ (LE « SECURITIES ACT »)) OU AUX ÉTATS-UNIS, DANS LEURS TERRITOIRES ET POSSESSIONS (Y COMPRIS PORTO RICO, LES ÎLES VIERGES AMÉRICAINES, GUAM, LES SAMOA AMÉRICAINES, L'ÎLE DE WAKE ET LES ÎLES MARIANNES DU NORD), DANS TOUT ÉTAT DES ÉTAT...
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Novafives, PPF Telecom, Kantar, CBR Fashion, Playtech, Klockner Pentaplast, CABB, TUI, Lottomatica (formerly Gamenet), Asmodee, Telecom Italia, International Personal Finance, Ardagh, Allwyn (formerly Sazka)
- Haidje Rustau
Telecom Italia Spa: 1 director
A director at Telecom Italia Spa sold 850,000 shares at 0.295EUR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Carole Braudeau
- Carole Braudeau
S&P revised Fnac Darty's outlook to "stable" and confirmed its BB+ Cor...
S&P revised Fnac Darty's outlook to "stable" and confirmed its BB+ Corporate rating, Successful renegotiation and extension of the maturities of the undrawn RCF and DDTL Ivry-sur-Seine, France, March 12, 2025 Standard & Poor's revised Fnac Darty's outlook to "stable" and confirmed its BB+ Corporate rating Successful renegotiation and extension of the maturities of the undrawn RCF and Delayed Drawn Term Loan (DDTL) credit lines by two additional years to March 2030 Standard & Poor's revised Fnac Darty's outlook to stable from negative and confirmed the Group's BB+ Corporate rating. This ...
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