Fnac Darty Initiates Repurchase Invitation for OCEANEs Maturing in 2027

On March 31, 2025, Fnac Darty S.A. announced the launch of a repurchase invitation addressing its existing bonds convertible into new shares or exchangeable for existing shares (OCEANEs) due in March 2027. This process involves a reverse bookbuilding to gather irrevocable orders from bondholders willing to sell their 2027 OCEANEs, with a target amount of approximately €190 million.

The company also successfully placed €300 million in senior notes due in 2032 with an interest rate of 4.750% annually. The funds will cover the repurchase, refinance the Unieuro acquisition, and cater to general corporate needs. The repurchase price for the 2027 OCEANEs is set at €77.25 each, with results expected by April 1, 2025.

The repurchase, excluding U.S., Australian, Canadian, and Japanese investors, is set to settle on April 8, 2025, contingent on the new notes issue settlement. The company reserves the right to adjust the repurchase terms as needed.