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Capital/Financing Update • Sep 20, 2023
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Capital/Financing Update
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Corporate | 20 September 2023 07:30
Dufry further increases financial flexibility, eliminates refinancing risk while continuing to focus on deleveraging
Dufry International AG / Key word(s): Miscellaneous
Dufry further increases financial flexibility, eliminates refinancing risk while continuing to focus on deleveraging
20.09.2023 / 07:30 CET/CEST
Dufry has successfully concluded the execution of the “Accordion” option for its current 2027-maturity Revolving Credit Facility (RCF) agreement. Based on strong interest from existing and new lending banks – teamed with long-standing Autogrill partners – Dufry achieved the maximum agreed increase, now securing access to EUR 2,750 million. Dufry maintains a well-balanced debt profile in regard to maturity, interest cost and flexibility with no refinancing risk in the near- and mid-term.
Existing and new bank partners already committed to an additional EUR 180 million in April and EUR 410 million in June this year. The total available amount has now been further increased by another EUR 75 million. With these three steps, the overall facility has been upgraded from initial EUR 2,085 million to now EUR 2,750 million (CHF 2,634 million), of which CHF 1,860 million (EUR 1,943 million) are undrawn. With the increased RCF, Dufry offered Autogrill’s as well other lending banks the opportunity to participate in the extension.
Dufry recently received rating upgrades from S&P Global to BB and Outlook Stable and from Moody’s Investor Services to Ba3 with a positive outlook, which resulted in a 75 bps average margin improvement for Dufry’s RCF borrowings.
Yves Gerster, Chief Financial Officer of Dufry, commented: “Looking at our debt profile, we are well positioned for the next few years. We have a robust liquidity position of over CHF 2.8 billion, bringing us full flexibility to address the upcoming November-2024 EUR 800 million bond maturity. With no other refinancing obligations before 2026/2027, we are benefitting from around 80% fixed interest costs at attractive terms, providing full visibility in the current environment. With a leverage level of 2.6x net debt/CORE EBITDA as of the end of June this year, Dufry has progressed well on the deleveraging. We thank our existing and new lenders – now also including Autogrill’s long-standing Italian partners – for their participation and support, and we continue to give our full attention to a healthy balance sheet and well-managed debt profile.”
Dufry’s Debt Maturity Profile as of 20 September, 2023
For further information:
CONTACT
| DR. KRISTIN KÖHLER | RENZO RADICE |
| Global Head Investor Relations | Global Head Corporate |
| Phone : +41 79 563 18 09 | Communications & Public Affairs |
| [email protected] | Phone : +41 61 266 44 19 |
| [email protected] | |
End of Media Release
| Language: | English |
| Company: | Dufry International AG |
| Brunngässlein 12 | |
| 4010 Basel | |
| Switzerland | |
| Phone: | +41612664444 |
| E-mail: | [email protected] |
| Internet: | www.dufry.com |
| ISIN: | CH0023405456 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1729911 |
| End of News | EQS News Service |