Clifford Chance advises the underwriters on Avolta AG’s high-yield bond offering and concurrent tender offer

Global law firm Clifford Chance has advised a syndicate of 21 underwriters led by BofA Securities, HSBC, UniCredit, BBVA, IMI – Intesa Sanpaolo, and MUFG, on the successful offering of €400 million 4.625% Senior Notes due 2033 by Avolta AG and the dealer manager (BofA Securities) 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 and 2032.

The proceeds of the offering will be used to partially repay its Senior Notes due 2027. Concurrently with this Offering, Avolta has successfully completed a Tender Offer to purchase up to EUR 400 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.

The Clifford Chance team advising on the bond issuance and tender offer was led by London High Yield partner, Michael Dakin, senior associate Yash Ranade, law clerk Saherish Surani and summer law clerk Milla Costa. London DCM partner Paul Deakins advised on English law matters on the tender offer.