Redemption: 2024-04-15; Registration: Reg S Only;
Redemption: 2023-04-15; Registration: Reg S Only;
Deal Comments
04/15/2021 Dufry One BV (DUFNSW) EUR1bn (up from EUR850m) equivalent (EUR/CHF) Reg S only sr notes 2-part. B1/B+ (stable/negative). List ISE. NY law. Pays semi (30/360). Settles 04/22 (T+5).
- EUR725m (up from EUR400m minimum) due 04/15/28 (7y). NC3 (MWC B+50bp), then at 101.688, 100.844, 100. Equity claw: 3y 40% at 103.375. Via BBVA/BofA (B&D)/BNP (Rdshw coordinator)/HSBC/ING/UniCredit jt glocos and active books/CS/DB/GS/Mediobanca/MS/Raiffeisen Bank Intl/Raiffeisen Schweiz/Santander/UBS jt books. ISIN: XS233333564503. Price talk: 3.75% area. Revised px talk: 3.625% area. Final price: 3.375%-3.50% (WPIR). Priced: 3.375% at 100. +390bp vs DBR 0.5% 02/15/28.
- CHF300m (unchanged from CHF300m minimum) due 04/15/26 (5y). NC2 (MWC SWISS+50bp), then at 101.813, 100.906, 100. Equity claw: 2y 40% at 103.625. Via CS (B&D and Rdshw coordinator)/DB/GS/Mediobanca/UBS jt glocos and active books/BBVA/BofA/BNP/HSBC/ING/MS/Raiffeisen Bank Intl/Raiffeisen Schweiz/Santander/UniCredit jt books. ISIN: XS2333565815. Price talk: 3.875% area. Revised px talk: 3.75% area. Final price: 3.625%. Priced: 3.625% at 100. +420bp vs SWISS 1.25% 05/28/26.
Virtual 1-on-1s 04/13-15 (Investor call at 10:30am UKT 04/13). EUR re-commitments due by 4:15pm UKT 04/15 (commitments were due by 1pm UKT 04/15). UOP: CHF911.7m equivalent to reduce its US$ sr term loan and EUR sr term loan, and CHF396.9m initially held in cash and to be used in Q2 to pay down its revolver. Biz: leading global travel retailer with operations in 64 countries on six continents. HQ: Basel, Switzerland.