Casino successfully completed its second Liability Management transaction in 2010 in order to further extend the average maturity of its debt. Casino adapted to a very volatile market due to sovereign debt fears by remaining flexible about new issue timing and pricing.The offers targeted any and all of the Feb 2012 notes, up to EUR 200m of the July 2011 notes and an amount of the April 2013 notes if the targeted amount was not achieved. Holders of the three bonds were proposed to either exchange their notes for new bonds or tender them for cash. The Tender Offer was launched by one of the banks and refinanced with the cash proceeds of the new notes.