The Dufry Group has increased the total amount of its EUR-denominated loan notes aimed at assisting its purchase of the World Duty free Group from €500m to €700m ($549m to $768m).

 

This is a considerable increase on the original announcement that the amount would be in the region of €500m/$549m. [This was originally announced by Dufry and reported on 20 July. Click here: http://www.trbusiness.com/regional-news/international/dufry-announces-plan-to-issue-e500m-notes/78065],

 

Dufry said: “The offering was upsized from the previously announced €500m aggregate principal amount. The senior notes will have a term of eight years. The annual interest rate will be 4.5% and interest will be payable semi-annually in arrears.

 

 

 

 

“The proceeds of the Senior Notes will be used as part of the financing of the acquisition of World Duty Free. The Notes will be pari passu with the existing revolving credit facility and term loans as well as the existing USD and EUR notes.”

 

As per its last announcement, Dufry added that it expects the notes will be admitted to the official list and will trade on the Global Exchange Market of the Irish Stock Exchange.

 

As per legal requirements, the notes will only be offered and sold to non-US nationals outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the ‘Securities Act’) and to qualified institutional buyers in the US pursuant to Rule 144A under the Securities Act.