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Capital/Financing Update • Dec 21, 2022
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Capital/Financing Update
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Ad-hoc | 21 December 2022 07:00
Dufry successfully concludes refinancing of its main bank facilities
Dufry International AG / Key word(s): Financing
21-Dec-2022 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
Dufry has successfully refinanced its main bank credit facilities. A new EUR 2,085 million Revolving Credit Facility (RCF) is replacing the currently outstanding EUR 1,300 million RCF and USD 550 million Term Loan. Dufry has successfully refinanced its main bank credit facilities. A new EUR 2,085 million Revolving Credit Facility (RCF) is replacing the currently outstanding EUR 1,300 million RCF and USD 550 million Term Loan. The new facility contributes positively to Dufry’s well-balanced debt profile and provides additional flexibility:
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Extended maturity profile with the new RCF expiring in Dec 2027 compared to the previous facilities’ maturity in Nov 2024. Consequently, Dufry’s weighted average maturity extends by 1.2 years, to now 4.2 years
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Attractive terms of the new facility, especially in the current market environment: Marginal increase of margin of 30bps versus previous drawn debt and of 25bps on commitment fees
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Replacing the combination of RCF and Term Loan with a pure RCF increases the flexibility on drawn amounts allowing to better manage interest expenses
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Covenant holidays until and including June 2023, with first testing for September and December 2023 maintained in the new facility, with the combination with Autogrill positively contributing to Dufry’s already progressing deleveraging
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Current available liquidity position of around CHF 2.4 billion
Yves Gerster, Dufry’s Chief Financial Officer, commented:
“The refinancing of our main bank facilities is an important achievement in many aspects. We have delivered on our commitment to address upcoming maturities significantly ahead of time, providing additional flexibility with the higher RCF while largely maintaining interest expenses. The transaction also confirms the confidence of our group of banks in our Company and I would like to thank them for their ongoing support.”
Please see below Dufry’s maturity profile following the current refinancing, also available on Dufry’s website .
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 Inside Information
| 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: | 1518317 |
| End of Announcement | EQS News Service |