PARIS (Reuters) - French financial group Fimalac has agreed to provide new financing facilities for Rallye (PA:GENC), the holding company behind supermarket retailer Casino (PA:CASP) 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.