Commentary & Deal Flow

IPTs: 7NC3: 5.00-5.25%

• Issuer: Dufry One B.V. (DUFNSW)
• Company: Avolta
• Business: Global market leader in the airport travel retail industry and in the travel food and beverage industry, operating ~5,100 retail stores and restaurants across 70 countries on six continents. HQ: Basel, Switzerland
• Expected Corporate Rating: Ba2 (Stable) / BB+ (Stable) (Moody's/S&P)
• Expected Issue Rating: Ba2 / BB+ (Moody's/S&P)
• Security Type: Senior Notes
• Format: Reg S
• Size: €400m
• Tenor: 7 years
• Call: NC3 (MWC) (50%, 25%, Par). Eqity claw: 3y 40%.
• Use of Proceeds: fund the tender offer for E400m of its EUR750m 2.00% sr notes due 02/15/27 (tender price 99.50). BofA dealer manager
• Joint Global Coordinators and Active Bookrunners: BBVA, BofA (Physical), HSBC (B&D and Physical), IMI, MUFG, UniCredit (Physical)
• Joint Bookrunners: Banca Akros, Bank of China, BNPP, CIC, Commerzbank, CACIB, ING, LBBW, Mediobanca, RBI, Santander, UBS
• Co-Managers: DZ Bank, Raiffeisen Schweiz
• Governing Law: New York
• Listing: The International Stock Exchange
• CoC: 101
• Denominations: €100k X €1k
• Roadshow (virtual): Monday 01-Jun-26
• Global Investor Call: Monday 01-Jun-26, 10:30 UKT / 11:30 CET
• Registration Link: https://evercall.co/oacc/11369
• DealRoadshow: https://dealroadshow.com/e/AVOLTA26
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or in the UK