Dufry launches €750m refi to shave off interest expenses

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By Karoliina Liimatainen
06 Nov 2019

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

The new notes are due in February 2027 with 3.25 year non-call period.

The Ba2/BB rated retailer is looking to cut interest expenses, after multiple other double-B or even single-B high yield issuers have shown that the current market can be very kind to well known borrowers. 

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