New Issue: Dufry prices upsized €700 million 4½% eight-year notes at par

By Paul A. Harris

Portland, Ore., July 23 – Dufry Group SCA priced an upsized €700 million issue of eight-year senior notes (Ba3/BB/BB-) at par to yield 4½% on Thursday, according to a market source.

The issue increased in size from €500 million

The yield printed on top of yield talk.

Global coordinator and bookrunner BofA Merrill Lynch will bill and deliver. BBVA, ING, Santander GBM and UniCredit Bank were also joint global coordinators and bookrunners.

Credit Agricole CIB, Goldman Sachs International, HSBC, RBI, Royal Bank of Scotland and UBS were also bookrunners.

The Basel, Switzerland-based global travel retailer plans to use the proceeds to help finance its acquisition of World Duty Free SpA.

Issuer:	Dufry Group SCA
Amount:	€700 million, increased from €500 million
Maturity:	Aug. 1, 2023
Securities:	Senior notes
Global coordinators:	BofA Merrill Lynch (bill and deliver), BBVA, ING, Santander, GBM, UniCredit
Bookrunners:	BofA Merrill Lynch, BBVA, ING, Santander, GBM, UniCreCredit Agricole CIB, Goldman Sachs International, HSBC, RBI, Royal Bank of Scotland, UBS
Coupon:	4½%
Price:	Par
Yield:	4½%
Spread:	404 bps
First call:	Aug. 1, 2018 at 103.375
Trade date:	July 23
Settlement date:	July 28
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
	Fitch: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4½% area
Marketing:	Roadshow

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