Redemption: 2027-04-18; Registration: Reg S Only; Comments: B&D: HSB;
Deal Comments
04/09/2024 Dufry One BV (Avolta) (DUFNSW) EUR500m Reg S only sr notes due 04/18/31 (7y). NC3 (MWC), then at 102.375, 101.188, 100. Equity claw: 3y 40% at 104.75. Ba2/BB+ (stable/stable). List ISE. NY law. Via BNP/BofA (physical)/HSBC (B&D and physical)/IMI/ING/UniCredit (physical) jt glocos and active books/Banca Akros/Bank of China/BBVA/Commerz/LBBW/Mediobanca/Raiffeisen Bank Intl/Raiffeisen Schweiz/Santander/UBS jt books. No reg rights. List ISE. NY law. Settles 04/18 (T+7). ISIN: XS2802883731. IPT: low 5s. Px talk: 5% area (+/-0.125%). Final px talk: 4.75%-4.875% (WPIR). Priced: 4.75% at 100. +245bp vs 0% Bund 02/15/31.
Roadshow 04/09-10 (investor call at 10:30am UKT 04/08). Books closed at 3:15pm UKT (from 1:30pm UKT) 04/09. UOP: CHF100m (EUR105m) cash on hand, and a CHF186m (EUR200m) draw on its revolver, to fund the tender offer for its EUR800m 2.50% sr notes due 10/15/24 (callable at 100). Biz: leading global travel retailer and travel food and beverage provider with operations in 73 countries on six continents. HQ: Basel, Switzerland.