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Dufry sets talk in €850 million equivalent two-part notes offering; pricing Thursday
By Paul A. Harris
Portland, Ore., April 14 – Swiss travel-related retailer Dufry set price talk in its €850 million equivalent two-part offering of senior notes (expected ratings B1/B+), according to market sources.
The deal features a €400 million minimum tranche of seven-year notes, callable after two years at par plus 50% of the coupon, talked to yield in the 3¾% area, versus initial talk is in the high 3% area. Credit Suisse, Deutsche Bank, Goldman Sachs, Mediobanca, Morgan Stanley, RBI, Santander and UBS are the joint bookrunners.
The offering also features a CHF 300 million minimum tranche of five-year notes, callable after two years at par plus 50% of coupon, talked to yield in the 3 7/8% area. BBVA, BofA, BNP Paribas, HSBC, ING, Morgan Stanley, RBI, Santander and UniCredit are the joint bookrunners for the Swiss franc-denominated tranche.
Pricing is set for Thursday.
Proceeds from the Regulation S only deal will be used for general corporate purposes, including debt refinancing.
The issuing entity will be Dufry One BV.
Joint global coordinator and active bookrunner BofA will bill and deliver for the euro tranche. Joint global coordinator and active bookrunner Credit Suisse will coordinate the roadshow and bill and deliver for the Swiss franc tranche. Joint global coordinator and active bookrunner BNP Paribas will coordinate the roadshow for the euro tranche. BBVA, HSBC, ING, UniCredit, Deutsche Bank, Goldman Sachs, Mediobanca and UBS are also joint global coordinators and active bookrunners.
Dufry, based in Basel, Switzerland, operates duty-free shops and convenience stores in airports, cruise ships, seaports, railway stations and central tourist areas.
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