Dufry Group has successfully completed the placement of 5m new shares, corresponding to 9.9% of the company’s current share capital and 500,000 treasury shares.

The planned private placement of the new shares was highlighted in yesterday’s report (23 April) on the company’s Q1 performance and newly announced measures to protect against the impact of the coronavirus (Covid-19).

According to Dufry, the new shares, which will be issued from the company’s existing authorised capital, were placed at CHF27.50 per share. Gross proceeds from the placement are CHF151.3m.

SENIOR BOND PLACEMENT

The shares were offered exclusively to professional investors in Switzerland (via private placement), outside Switzerland and to institutional investors in the United States. The shares are expected to be listed and admitted to trading on the SIX Swiss Exchange on 27 April.

Meanwhile, Dufry has completed the placement of senior bonds due in 2023. These are conditionally convertible into company shares and guaranteed by Dufry.

Following strong demand, the normal issuing amount has increased by CHF50m to CHF350m.

The convertible bonds will be issued at par with a denomination of CHF200,000 and carry a coupon of 1.00%, payable semi-annually. The conversion price is CHF33.00, corresponding to a conversion premium of 20% over the reference share price.

Bonds will be redeemed at par at maturity on 4 May 2023, unless converted and redeemed previously, or re-purchased and cancelled.

Application for the listing and trading of the Convertible Bonds on the SIX Swiss Exchange will be made later.

Click here for market reaction to Dufry Group’s Q1 performance overview.