Fimalac to provide new financing for Casino’s holding company

PARIS (Reuters) – French financial group Fimalac has agreed to provide new financing facilities for Rallye , the holding company behind supermarket retailer Casino which has been under pressure to cut its debts.

Rallye said on Monday that Fimalac had undertaken to provide a financing facility with a maturity of 4 years – with a one-year extension subject to Fimalac’s agreement – either to a subsidiary of Rallye unit Euris until 31 December 2020, or to Rallye at the latest on 5 January 2021, in order to allow the repayment of all certain derivatives transactions.

The maximum amount of this facility is 215 million euros ($238.4 million). Casino and Rallye head Jean-Charles Naouri will also look to give Fimalac a boardroom seat at Casino.

(Reporting by Sudip Kar-Gupta, Editing by Louise Heavens)