Dufry issues new convertible as old bond converts early

By Aidan Gregory
24 Mar 2021

Dufry, the Swiss duty-free concession operator, has issued a new five-year Sfr500m convertible bond to help refinance the Sfr350m three-year convertible it received in April 2020 following the initial onset of the pandemic, which caused a collapse in the company’s share price.

Launched after the market closed in Switzerland on Tuesday, the new financing package consisted of the new convertible, a Sfr140m ($149m) delta equity placement, and an incentivised conversion of the old bonds into equity.

Credit Suisse and UBS were global coordinators.

Shares in Dufry had ...

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