Related Issuers
by Stephen Carter
May 20, 2025 12:43 PM ET
Dufry One BV (Avolta) (DUFRY, DUFNSW) EUR500m Reg S only sr notes due 05/23/32 (7y). NC3 (05/23/28) (MWC B+50bp), then at 102.25, 101.125, 100. Equity claw: 3y 40% at 104.50. Ba2/BB+ (stable/stable). Via BNP (B&D)/ING/Santander jt physical books/Banca Akros/LBBW/UBS jt glocos/Bank of China/BBVA/BofA/CIC/Commerz/CA/GS/HSBC/IMI/Mediobanca/MUFG/RBI/UniCredit jt books, DZ Bank, Raiffeisen Schweiz as co-managers. List ISE. NY law. CoC at 101. Semi-pary May 23 and Nov 23, starting 11/23/25. Settles 05/23 (T+3). Reg S ISIN: XS3037720227.IPT: high 4s. Price talk: 4.625% area. Revised price talk: 4.375%-4.625%.
Priced: 4.50% at 100. +215bp vs DBR 1.7% 08/15/32.
Roadshow 05/19 (small group meetings) (investor call at 10:30am UKT 05/19). Books closed at 3pm (from 1pm) UKT 05/20. UOP: redeem its CHF300m (approx EUR320m) 3.625% sr notes due 04/15/26 (callable at 100), and partially pay down EUR177m of the EUR657m drawn on its revolver. Biz: leading global travel retailer and travel food and beverage provider with worldwide operations. HQ: Basel, Switzerland.
Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=2f19e212 (entry code: Avolta2025).