FNAC Darty to Seek M&A Targets as Debt Level Improves, CFO Says
- Replacing maturing bonds with proceeds from new bond and cash
- FNAC Darty is currently rated one notch below investment grade
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FNAC Darty SA, the retailer whose largest shareholder is billionaire Daniel Kretinsky, is looking at potential acquisitions as its debt levels move closer to targets, Chief Financial Officer Jean-Brieuc Le Tinier said.
The French company, which operates in 13 countries, is replacing €650 million ($706 million) of bonds due in 2024 and 2026 with the proceeds of a new bond transaction maturing in 2029, as well as around €100 million of its own cash. The company’s net debt ratio improved last year to 1.8 times earnings before interest taxes, depreciation and amortization compared with 2 times at the end of 2022.