Dufry further strengthens financing structure

Dufry has entered into a definite agreement with its relationship banks to enlarge its current Revolving Credit Facility (RCF) agreement by EUR 180 million to EUR 2’265 million. Autogrill’s lending banks have partially participated in the extension (“Accordion” option). The RCF can be further enlarged by exercising the Accordion option up to three times during the lifetime of the facility, which matures December 2027. Based on interest received, Dufry expects to make further use of this option later this year.

With the increased RCF, Dufry is well set up for any upcoming financing requirements. The Accordion option gives the possibility to existing relationship banks to increase exposure and for new banks to participate in the financing of the combined Group. Dufry most recently received a rating upgrade from S Global to BB- and CreditWatch Positive and a rating upgrade from Moody’s to Ba3 with a positive outlook, resulting in 50bps improved average margin for borrowings under Dufry’s RCF. 

Yves Gerster, Chief Financial Officer of Dufry, commented: “The increased RCF comes with a number of advantages. We are more flexible in terms of debt repayment compared to issuing new debt. As the RCF is already successfully set up, no additional documentation is needed for using the Accordion option. Most importantly, the RCF increase allows to include Autogrill’s current lenders and to keep a strong relationship with Italian banks. We expect additional steps later in the year. We are thanking our existing and new lending banks for their participation and support.” 
 

Legal Disclaimer 
This document is not an offer of, or a solicitation of offers to purchase or subscribe for, securities in the United States, Australia, Canada, Japan and any other jurisdictions where making the making of an offer of securities for sale would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority (such jurisdictions, including the United States, Canada, Japan and Australia, the "Excluded Countries"). No securities have been or will be registered under the U.S. Securities Act and no securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No actions have been taken or will be taken to make an offer of securities to the public in any of the Excluded Countries.

For further information:

CONTACT