Rallye Launches a Global Tender Offer for Its Unsecured Debt

Regulatory News:

Rallye (Paris:RAL) has launched today a global tender offer at a fixed purchase price for its unsecured debt (including the bonds and commercial paper) (the "Tender Offer").

Tender Offer

The purpose of the Tender Offer is to (i) provide holders of unsecured debt with the opportunity of having all or part of their claims repurchased at a fixed purchase price and to (ii) improve Rallye’s debt profile, in the context of the implementation of its safeguard plan approved on February 28, 2020 by the Paris commercial court, as amended.

On October 26, 2021, the Paris commercial court has extended the duration of the safeguard plan of Rallye approved on February 28, 2020 for two additional years and has consequently deferred the payment dates under the safeguard plan which is now providing for the repayment of its liabilities to be rescheduled between 2023 and 2032¹.

Rallye proposes to purchase unsecured claims at a price equal to 15% of the amount of the outstanding claim under each unsecured debt instrument the relevant holder of unsecured debt is willing to offer.

It is recalled that on January 22, 2021, Rallye launched a global tender offer on its unsecured debt, as part of a modified Dutch auction procedure (the "Previous Tender Offer")². On May 18, 2021, Rallye acquired a total amount of unsecured debt of approximately EUR 195,4 million, for a total purchase price of approximately EUR 39,1 million, reducing the total amount of its debt by approximately EUR 156,3 million.

As a reminder, on December 31, 2021, the gross financial debt of Rallye was as follows:

(in millions of euros)	December 31, 2021
Claims secured by pledges over Casino shares	1,228
Unsecured claim	1,518
Claims secured by pledges overs shares of Rallye subsidiaries other than Casino	137
Total – claims from safeguard plans	2,883
Financings issued after the enforcement of the safeguard plan	295
Total – gross financial debt	3,178

The Tender Offer, the maximum amount of which is 37 million euros, starts today and will expire on April 5, 2022, at 5 p.m (Paris time). Rallye will keep the markets informed of the results of the Tender Offer, its outcome and its impact on the repayment profile of Rallye.