Groupe Fnac and Fnac in Negotiation of New €250 Million Credit Facility Agreement

April 19, 2013

Cleary Gottlieb represented Groupe Fnac and Fnac in connection with a new €250 million secured revolving credit facility agreement with a 3-year maturity, signed on April 19, 2013.

The purpose of this new facility is to finance the working capital of Fnac and its subsidiaries following the admission of Groupe Fnac’s shares on Euronext Paris, which is scheduled for June 20, 2013. Groupe Fnac is until its listing on Euronext Paris a subsidiary of Kering (formerly known as PPR), the French group specialized in luxury and sport & lifestyle brands.

This new facility was arranged by Crédit Agricole Corporate and Investment Bank, Natixis, Société Générale, Arkéa Banque Entreprises et Institutionnels, Banco Espirito Santo, BNP Paribas, Caixabank, Crédit Lyonnais and Crédit Mutuel CIC (acting through Banque Fédérative du Crédit Mutuel).

It is contemplated that certain subsidiaries of Fnac will also become a party to the facility agreement as borrowers and that the facility will be secured by several security interests (pledge over the shares of certain subsidiaries of Fnac in France and in Spain and pledge over the business as a going concern of certain subsidiaries of the group).

Fnac is the leading French retail distributor of entertainment and leisure products (including consumer electronics), and a major market player in the other countries in which it operates (i.e., Spain, Portugal, Brazil, Belgium and Switzerland).