Published on 4/9/2024 in the Prospect News High Yield Daily.
New Issue: Avolta/Dufry prices €500 million seven-year notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., April 9 – Avolta priced a €500 million issue of Dufry One BV seven-year senior notes (Ba2/BB+) at par to yield 4¾% on Tuesday, according to market sources.
The yield printed at the tight end of the downwardly revised 4¾% to 4 7/8% yield talk. Earlier talk was in the 5% area. Initial guidance was in the low-5% area.
Joint physical bookrunners were HSBC (bill and deliver) IMI, ING and UniCredit. Joint bookrunners were Banca Akros, Bank of China, BBVA, Commerzbank, LBBW, Mediobanca, RBI, Raiffeisen Schweiz, Santander and UBS.
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.
| Issuer: | Dufry One BV
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| Amount: | €500 million
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| Issue: | Senior notes
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| Maturity: | April 18, 2031
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| Physical bookrunners: | HSBC (bill and deliver) IMI, ING and UniCredit
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| Joint bookrunners: | Banca Akros, Bank of China, BBVA, Commerzbank, LBBW, Mediobanca, RBI, Raiffeisen Schweiz, Santander and UBS
|
| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
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| Spread: | 245 bps
|
| First call: | April 18, 2028 at 102.375
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| Trade date: | April 9
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| Settlement date: | April 18
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| Ratings: | Moody’s: Ba2
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| S&P: BB+
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| Distribution: | Regulation S
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| Price talk: | 4¾% to 4 7/8%, revised from 5% area
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