GOLDSTORY S.A.S. has been confirmed as B2 rating from Moody’s, including on the propose €850million SLB SSN, and a B2-PD probability of default.
Moody’s Investors Service (Moody’s) has today affirmed the B2 corporate family rating (CFR) and aB2-PD probability of default rating to Goldstory SAS, the parent company of French jeweller THOM Group (THOM or company). Moody’s has also assigned a B2 rating to the proposed €850million backed sustainability-linked senior secured notes consisting of a fixed rate and a floating rate tranche to be issued by GoldstorySAS. The proceeds will be used to refinance €620million of the existing senior secured notes, pay dividend of €174million and repay €30million of vendor loans to Altamir, the majority shareholder, the rest being used to pay accrued interests and pay transaction-related fees and expenses. The super senior revolving credit facility (RCF) is being upsized to €120million from€90million as part of this transaction. The outlook ismaintained at stable. The rating on the existing €620million of the backed senior secured notes remains unchanged and will be withdrawn once repaid.
We are a leading European jewelry retailer by number of stores, with a strong position in Europe in the affordable jewelry sector. Our product offering comprises primarily precious jewelry, complemented by watches and costume jewelry. We are active primarily in France and Italy, where we hold a leading market position in each national market. Our products are available through our network of 1,017 directly operated stores and 60 corners, including 543 stores and wedding fairs in France as well as 37 corners , 389 stores in Italy, 54 stores in Germany, 25 stores and wedding fairs in Belgium, 3 stores and 23 corners in Spain, 2 stores in China and 1 store in Luxembourg as of September 30, 2023, as well as 6 e-commerce platforms in France and Belgium (histoiredor.com and marc-orian.com, agatha.fr), Italy (stroilioro.com), Spain (agatha.es) and Germany (orovivo.de). We also have 38 affiliated partner stores in France as well as wholesale activity through our French subsidiary (Timeway France) and our Italian subsidiary (Timeway Italy).
For further information, please contact:
Group Financial Controlling Director / IR Manager