On 24 March 2025, Fnac Darty S.A. auctions a new EUR 300m 7-year senior unsecured bond. The terms of the upcoming bond are already reflected in Scope’s current ratings. The coupon will be payable semi-annually. Final pricing will be determined at the auction.

Fnac Darty intends to use the net proceeds of the offering to redeem the EUR 200m OCEANE bond due in 2027 (ISIN FR0014002JO2), to refinance the amount paid in connection with the Unieuro acquisition and to pay fees and expenses related to the offering. In Scope’s opinion, the transaction will enable Fnac Darty to extend its debt maturity profile, which will benefit its liquidity position. At the same time, Fnac Darty has obtained from its banking partners the extension of its unused revolving credit facility and delayed draw credit lines totalling EUR 600m until March 2030 (from March 2028), with the addition of two new extension options which could bring the maturity to 2032 maximum, in line with the maturity of the new planned bond.

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 10 March 2025, Scope affirmed the BBB/Stable issuer rating. Scope also affirmed the BBB rating on the senior unsecured debt and the S-2 rating on the short-term debt of Fnac Darty.

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