Commentary & Deal Flow

• Price Progression:
  • Priced: 5.25% at 100. +190bp vs 0% DBR 15-February-2032
  • Final guidance: 5.25%
  • IPT: 5.25%-5.5%
• Spread to Benchmark: 190bp
• Benchmark: 0% DBR 15-February-2032
• Issuer: Dufry One B.V.
• Ticker: DUFNSW
• Size: EUR350m
• Format: Reg S
• Security: Senior Notes
• Issue Ratings: Ba2 / BB+ (stable/stable)
• Maturity: 22-March-2032 (5y)
• Optional Redemption: NC2 (22-September-2028) (MWC B+50bp)
  • 22-September-2028: 102.625
  • 22-September-2029: 101.3125
  • 22-September-2030: 100
• Change of Control: CoC at 101
• Payment dates: March 22 and September 22 of each year, starting March 22, 2027
• Denominations: 100kx1k
• Reg S ISIN: XS3508785303
• Listing: The International Stock Exchange
• Law: New York
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas, ING (B&D), LBBW
• Joint Global Coordinators: Banca Akros, Santander, UBS
• Joint Bookrunners: Bank of China, BBVA, BofA, CIC, Commerzbank, CACIB, GS, HSBC, IMI, Mediobanca, MUFG, RBI, UniCredit
• Co-Managers: DZ Bank, Raiffeisen Schweiz
• Settles: 22-September-2026
• Trade Date: 15-September-2026
• UOP: along with EUR49m of cash on hand, to fund the tender offer for EUR350m of its EUR396m 2% sr notes due 15-Feb-2027 (99.85 tender price), the remaining EUR46m will be repaid at maturity, and pay transaction fees and expenses.
• Biz: 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
  Marketing:
• Roadshow: Virtual roadshow will run Monday 14-September
• Investor Call: Monday 14-September-2026, 10:30am UKT / 11:30am CET
• Books closed: 14:30pm UKT, today
• FTT: 16:30 UKT, Tuesday 15th September 2026
• ToE: 15:55 UKT, Tuesday 15th September 2026

https://evercall.co/oacc/67924