Casino - comment

Nothing is ever simple! Casino announced the Green Yellow sale will be completed in mid-October with the terms staying as previously announced. However, they have received from Farallon an advance on the sales proceeds of €350m which we can only speculate is to ensure Casino do not breach covenants on September 30th. We had envisaged it would be tight, but this all but assures that there will be no breach. The next pinch point will be March 2023.