Global law firm Clifford Chance has advised a syndicate of 21 underwriters led by Banca Akros, BNPP, ING, LBBW, Santander and UBS, on the successful offering of €350 million 5.250% Senior Notes due 2032 by Avolta AG and the dealer manager (ING) on a concurrent tender offer by Avolta for its existing notes due in 2027.
Avolta (previously known as Dufry) is a leading global travel experience player in the travel retail and F&B industry, with operations in 70 countries on six continents. Clifford Chance also advised on the issuance of Avolta’s Senior Notes due 2027, 2031, 2032 and 2033.
The proceeds of the offering will be used to partially repay the remaining outstanding principal amount of its Senior Notes due 2027. Concurrently with this Offering, Avolta has successfully completed a Tender Offer to purchase up to EUR 350 million aggregate principal amount of such notes and expects to use the net proceeds of this Offering to purchase notes tendered in the Tender Offer. Any net proceeds not deployed in the Tender Offer are expected to be used to repay any Senior Notes due 2027 at maturity.
Clifford Chance’s cross border team advising on the bond issuance and tender offer was led by London partner, Michael Dakin, Yash Ranade (senior associate) and Saherish Surani (associate). London partner Paul Deakins advised on English law matters on the tender offer.
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