RALLYE: Results of the Global Tender Offer Launched by Rallye on Its Unsecured Debt

PARIS--(BUSINESS WIRE)--Regulatory News:

Rallye (Paris:RAL) announces today the results of the global tender offer on its unsecured debt launched on January 22, 2021 (the “Tender Offer”) (see Rallye’s press release dated 22 January 2021) and extended until 10 February 2021 at 5:00 p.m. (Paris time), the purchase price of which has been set at 20% of the amount of the claim (see Rallye’s press release dated 5 February 2021). Therefore, the discount rate applicable to the repurchased claims amounts to 80%.

Consequently and subject to the fulfillment of the conditions precedent set out below:

• Rallye will acquire a total amount of unsecured debt of approximately € 182.8m for a total repurchase price of approximately € 36.6m reducing the total amount of its unsecured debt by approximately € 146.2m; and
• the total amount of unsecured debt purchased under the Tender Offer is allocated between the various instruments according to the breakdown set out in the Annex.

It is furthermore reminded that completion of the Tender Offer is, inter alia, subject to (i) the approval by the Paris Commercial Court of the amendment to the Rallye’s safeguard plan in order to authorize the effective completion of the Tender Offer and the setting up of the financing of the Tender Offer (see Rallye’s press release dated 22 January 2021) and (ii) the availability of the proceeds of the new financing.

In the coming days, Rallye will file a request with the Paris Commercial Court to amend its safeguard plan.

As an indication, it is anticipated that the settlement of the Tender Offer will occur at the beginning of April 2021.

Distribution of this document in some jurisdictions may be restricted by law. Those in possession of this document are required to obtain information themselves and to comply with all legal and regulatory restrictions

Annex Breakdown of Rallye’s unsecured debt acquired under the Tender Offer
Debt instruments	Initial Pre-Tender Offer amount	Amount acquired under the Tender Offer	Post-Tender Offer amount
2022 Notes (ISIN FR0012017903)	€ 117,388,033	€ 29,347,007	€ 88,041,026
2020 EMTN Notes (ISIN CH0341440326)	€ 72,619,684	€ 6,259,814	€ 66,359,870
2021 EMTN Notes (ISIN FR0011801596)	€ 498,243,036	€ 26,274,116	€ 471,968,920
2023 EMTN Notes (ISIN FR0013257557)	€ 380,555,201	€ 23,920,613	€ 356,634,588
2024 EMTN Notes (ISIN CH0398013778)	€ 89,995,487	€14,224,010	€ 75,771,477
Non-Dilutive Notes 2022 (ISIN FR0013215415)	€ 218,293,768	€ 39,074,583	€ 179,219,185
Exchangeable Notes (ISIN FR0011567908)	€ 5,075,180	€ 1,842,956	€ 3,232,224
Commercial Papers (ISIN FR0125661951, ISIN FR0125557555, ISIN FR0125613697, ISIN FR0125510067, ISIN FR0125512758, ISIN FR0125500134, ISIN FR0125629693)	€ 58,793,576	€ 10,000,000	€ 48,793,576
Claims secured by shares in subsidiaries other than Casino	€ 133,166,690	-	€ 133,166,690
Unsecured banking claims	€ 223,551,297	€ 31,288,250	€ 192,263,047
Commercial claims	€ 1,213,092	€ 596,401	€ 616,691
TOTAL	€ 1,798,895,044	€ 182,827,750	€ 1,616,067,294
Total purchase price	€ 36,565,550