• Fnac Darty reinforces the European dimension of its financing structure

    Source: Nasdaq GlobeNewswire / 18 Feb 2019 07:30:19   Europe/London

    Ivry, February 18th, 2019

    Fnac Darty reinforces the European dimension of its financing structure
    Signing of a credit agreement with the European Investment Bank
    « Investment grade » rating granted by European agency Scope Ratings

    Fnac Darty announces it has signed a credit agreement for 100 million euros with the European Investment Bank (EIB).

    Setup within the scope of the « Juncker Plan », this loan will be used to finance Fnac Darty's digital transformation investments supporting the "Confiance+" strategic plan. This new financing allows Fnac Darty to benefit from the support of a first class European financial institution, in a context of fierce competition from non-European pure players.

    The Group already benefits from a very strong financing structure, balanced between bank and bond debt, as well as an excellent liquidity thanks to an undrawn 400 million euros revolving credit facility. This new loan offers an opportunity for long term financing, with a maximum maturity of nine years, and very attractive conditions. The Group has 18 months to drawn this line.

    Jointly with the implementation of this new financing, and in order to demonstrate its support to independent credit research in Europe, Fnac Darty also announces having received a BBB- rating from Scope Ratings. This new rating comes as an addition to those already attributed by Standard & Poor's (BB, positive outlook) and Moody's (Ba2, stable outlook).

    Enrique Martinez, CEO of Fnac Darty, stated: « The implementation of this new financing with the EIB reinforces the Group's financing structure while allowing it to benefit from attractive conditions. Jointly with the rating received from Scope Ratings, these initiatives validate the relevance of the Group's strategy and its perspectives. »

    Ambroise Fayolle, Vice-Président of the European Investment Bank, stated: « We are very proud, as bank of the European Union, to be able to contribute to the development of a French and European leader in the specialized retail space. This loan answers Europe's goal to both support innovation inside companies, but also to accompany them in the necessary digital transformation imposed by global competition. »

    Pierre Moscovici, European Commissioner in charge of economic and financial affairs, taxation and customs, stated: « The signing of this deal, as part of the Juncker Plan, represents excellent news. This loan will allow for an acceleration of the digital transformation of one of the main French retailers for electronic products. It shows that the European Union is always ready to act to favor growth and job creation in France. »


    ANALYSTES / INVESTISSEURS  Stéphanie Constand stephanie.constand@fnacdarty.com
    +33 (0)1 55 21 18 63
      Adrien Brangier adrien.brangier@fnacdarty.com
    +33 (0)1 55 21 84 41
    PRESSE Audrey Bouchard audrey.bouchard@fnacdarty.com
    +33 (0)1 55 21 59 25
      Claire Fournon claire.fournon@fnacdarty.com
    +33 (0)1 55 21 57 10


    A propos de Fnac Darty

    Présent dans douze pays, Fnac Darty est un leader européen de la distribution de biens culturels, de loisirs, de produits techniques et d'électroménager. Le groupe, qui compte 26 000 collaborateurs, dispose à fin juin 2018  d'un réseau multi-format de 748 magasins, dont 526 en France et se positionne comme le 2e acteur e-commerce en termes d'audience en France (près de 20 millions de visiteurs uniques cumulés par mois) avec ses deux sites marchands, fnac.com et darty.com. Acteur omni-canal de référence, Fnac Darty a réalisé en 2017 un chiffre d'affaires de 7.4Mds€.


    This announcement is distributed by West Corporation on behalf of West Corporation clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Fnac Darty via Globenewswire

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