Avolta/Dufry starts roadshow for €500 million seven-year notes; initial talk low-5% area

By Paul A. Harris

Portland, Ore., April 8 – Avolta began marketing a €500 million offering of Dufry One BV seven-year senior notes (expected ratings Ba2/BB+) on Monday, according to market sources.

Initial guidance has the notes coming to yield in the low-5% area.

The deal, which was scheduled to kick off on a global investor call during the London morning, will run a virtual roadshow through Tuesday.

The Regulation S notes come with three years of call protection.

Joint physical bookrunner HSBC will bill and deliver. IMI, ING and UniCredit are also joint physical bookrunners.

Banca Akros, Bank of China, BBVA, Commerzbank, LBBW, Mediobanca, RBI, Raiffeisen Schweiz, Santander and UBS are joint bookrunners.

Avolta, a Basel, Switzerland-based retail services provider for travelers, formerly known as Dufry Group, expects to use the proceeds plus cash on hand and borrowings under its revolver to refinance its 2½% senior notes due 2024 via a concurrent tender offer.

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