On 18 March 2024, Fnac Darty S.A. auctions a new EUR 500m 5-year senior unsecured bond (ISIN XS2778270772). The terms of the upcoming bond are already reflected in Scope’s current ratings. The coupon will be payable semi-annually in arrears. Final pricing will be determined at the auction.

Fnac Darty intends to use the net proceeds of the offering together with available cash to redeem the EUR 300m bond (ISIN XS1987729412) due in 2024 and to partially repurchase the EUR 350m bond (ISIN XS1987729768) due in 2026. In Scope’s opinion, the transaction will enable Fnac Darty to extend its debt maturity profile, which will benefit its liquidity position.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. On 23 February 2024, Scope affirmed the BBB issuer rating and changed the Outlook to Stable from Negative. Scope has also affirmed its BBB rating for the senior unsecured debt issued by Fnac Darty S.A. along with S-2 short term debt rating.

The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.