REG - B&M European - Launch of £250 million Senior Secured Notes Offer

B&M European Value Retail SAAnnouncement

18/11/2024 08:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241118:nRSR5875Ma&default-theme=true

RNS Number : 5875M  B&M European Value Retail S.A.  18 November 2024

 

 

18 November 2024

B&M European Value Retail S.A.

B&M Launches £250 Million Senior Secured Notes Offering

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("EU MAR") AND ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE
UNITED KINGDOM (THE "UK") BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA") ("UK MAR").

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF B&M EUROPEAN
RETAIL VALUE S.A. THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR
RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY U.S.
PERSON OR IN OR INTO ANY JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION
OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF
THIS ANNOUNCEMENT.

B&M European Value Retail S.A. (the "Company") (BME:LN) announces today
that it intends to offer sterling-denominated senior secured notes in an
aggregate principal amount of £250 million due 2031 (the "Notes").

The Company intends to use the gross proceeds from the offering of the Notes
(the "Offering") to repay the existing senior secured notes due 2025 (on or
prior to their maturity on 15 July 2025) and the full amount outstanding
under the existing revolving credit facility as of 28 September 2024, for
general corporate purposes, including for growth in working capital to support
the increase in the number of stores and increased inventory in response to
recent shipping disruptions, and to pay fees and expenses incurred in
connection with the Offering.

The Notes will be senior secured obligations of the Company and guaranteed by
certain of its subsidiaries. The Notes will rank pari passu in right of
payment with the Company's obligations in respect of its existing senior
credit facilities and its existing £155.52 million 3.625% senior secured
notes due 2025, £250 million 4.000% senior secured notes due 2028 and
£250 million 8.125% senior secured notes due 2030.

 

Enquiries

B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400
Mike Schmidt, Chief Financial Officer

Alex Simpson, General Counsel

Pete Waterhouse, Group Financial Controller
investor.relations@bandmretail.com (mailto:investor.relations@bandmretail.com)

Media

For media please contact +44 (0) 207 379 5151
Maitland
Sam Cartwright
bmstores-maitland@maitland.co.uk (mailto:bmstores-maitland@maitland.co.uk)

 

Important Notice

This announcement is released by the Company and contains information that
qualified or may have qualified as inside information for the purposes of
Article 7 of EU MAR and UK MAR, encompassing information relating to the
Offering. For the purposes of EU MAR, UK MAR, Article 2 of Commission
Implementing Regulation (EU) 2016/1055 and Article 2 of Commission
Implementing Regulation (EU) 2016/1055 as it forms part of domestic law in the
UK by virtue of the EUWA, this announcement is made by Mike Schmidt, Chief
Financial Officer of B&M European Value Retail S.A.

No communication and no information in respect of the Offering by the Company
of the Notes may be distributed to the public in any jurisdiction where a
registration or approval is required. No steps have been or will be taken in
any jurisdiction where such steps would be required. The offering or sale of
the Notes may be subject to specific legal or regulatory restrictions in
certain jurisdictions. The Company takes no responsibility for any violation
of any such restrictions by any person.

This announcement does not, and shall not, in any circumstances constitute a
public offering nor an invitation to the public in connection with any offer
in any jurisdiction.

In member states of the European Economic Area (the "EEA"), this announcement
and any offer of the securities referred to herein in any member state of the
EEA (each, a "Member State") will be made pursuant to an exemption under the
Prospectus Regulation from the requirement to publish a prospectus for offers
of the securities referred to herein. Accordingly, any person making or
intending to make an offer in a Member State of the Notes which are the
subject of the offering contemplated may do so only in circumstances in which
no obligation arises for the Company or any of the initial purchasers to
publish a prospectus pursuant to Article 3 of the Prospectus Regulation, in
each case, in relation to such offer. Neither the Company nor the initial
purchasers have authorized, nor do they authorize, the making of any offer of
the Notes in circumstances in which an obligation arises for the Company or
the initial purchasers to publish a prospectus for such offer. The expression
"Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

In the UK, this announcement and any offer of the securities referred to
herein in the UK will be made pursuant to an exemption under the UK Prospectus
Regulation from the requirement to publish a prospectus for offers of the
securities referred to herein. Accordingly, any person making or intending to
make an offer in the UK of the Notes which are the subject of the offering
contemplated may do so only in circumstances in which no obligation arises for
the Company or any of the initial purchasers to publish a prospectus pursuant
to Article 3 of the UK Prospectus Regulation, in each case, in relation to
such offer. Neither the Company nor the initial purchasers have authorized,
nor do they authorize, the making of any offer of the Notes in circumstances
in which an obligation arises for the Company or the initial purchasers to
publish a prospectus for such offer. The expression "UK Prospectus Regulation"
means Regulation (EU) 2017/1129 (as amended) as it forms part of domestic law
in the UK by virtue of the EUWA.

This announcement does not constitute an invitation or inducement to engage in
investment activity within the meaning of the UK Financial Services and
Markets Act 2000 (the "FSMA"). This document is only being distributed to and
is only directed at: (i) persons who are outside the UK; (ii) persons who
are investment professionals within the meaning of Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order"); (iii) persons falling within Article 49(2)(a) to (d) of the Order
(high net worth entities, unincorporated associations, etc.); or (iv) persons
to whom an invitation or inducement to engage in investment activity (within
the meaning of section 21 of the FSMA) in connection with the issue or sale
of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant
persons"). The Notes are available only to, and any invitation or offer may be
directed at, or any agreement to subscribe for, purchase or otherwise acquire,
any securities will be engaged in only with, in the UK, relevant persons and,
in any other jurisdiction, persons to whom it can lawfully be communicated and
who may lawfully engage in such investment activity. Any person in the UK who
is not a relevant person should not act or rely on this announcement or any of
its contents.

The Notes may not be offered or sold to the public in Luxembourg, directly or
indirectly, and no offering memorandum, form of application, advertisement or
other material relating to such Notes may be distributed, or otherwise be made
available in or from, or published in, Luxembourg except in circumstances
where the offer benefits from an exemption or constitutes a transaction
otherwise not subject to the requirements to publish a prospectus, in
accordance with the Prospectus Regulation.

This press release does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States
(which includes its territories and possessions, Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island, the Northern Mariana Islands, any
state of the United States or the District of Columbia). The Notes and the
related guarantees have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or the securities
laws of any state or other jurisdiction in the United States, and may not be
offered or sold, directly or indirectly, within the United States, except
pursuant to an exemption from or in a transaction not subject to the
registration requirements of the Securities Act or applicable state or local
securities laws.

The distribution of this document in certain countries may constitute a breach
of applicable law. The information contained in this document does not
constitute an offer of securities for sale in the United States, Australia,
Canada or Japan.

This press release may not be published, forwarded or distributed, directly or
indirectly, in the United States, Australia, Canada or Japan.

In connection with any issuance of the Notes, a stabilizing manager (or any
person acting on behalf of such stabilizing manager) may over-allot the Notes
or effect transactions with a view to supporting the market price of the Notes
at a level higher than that which might otherwise prevail. However, there is
no assurance that the stabilizing manager (or any person acting on behalf of
the stabilizing manager) will undertake stabilization action. Any
stabilization action may begin on or after the date on which adequate public
disclosure of the terms of the offer of the Notes is made and, if begun, may
be ended at any time, but it must end no later than the earlier of 30 days
after the issue date of the Notes and 60 days after the date of the allotment
of the Notes, as applicable. Any stabilization action or over-allotment must
be conducted by the stabilizing manager (or person acting on behalf of the
stabilizing manager) in accordance with all applicable laws and rules.

This announcement contains certain forward-looking statements with respect to
certain of the Company's current expectations and projections about future
events. These statements, which sometimes use words such as "proposed",
"intend", "expect", "will" and words of similar meaning, reflect management's
beliefs and expectations and involve a number of risks, uncertainties and
assumptions (including the completion of the transactions described in this
announcement) that could cause actual results and performance to differ
materially from any expected future results or performance expressed or
implied by the forward-looking statement. The information contained in this
announcement is subject to change without notice and, except as required by
applicable law, neither the Company assumes any responsibility or obligation
to update publicly or review any of the forward-looking statements contained
in it. Readers should not place undue reliance on forward-looking statements,
which speak only as at the date of this announcement.

MiFIR professionals / MiFID II professionals / ECPs only / No PRIIPs / UK
PRIIPs KID - Manufacturer target market (MiFIR product governance and
MiFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs regulation key information
document (KID) has been prepared as the Notes are not available to retail
investors in the EEA or the UK.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IODUWVNRSRUAARA