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Avolta announces the results of its tender offer in respect of its €800,000,000 2.500% Senior Notes due 2024 (ISIN: XS1699848914)
16 April 2024. On 8 April 2024, Dufry One B.V., a wholly owned subsidiary of Avolta AG (the “Company”), announced an invitation to eligible holders of its outstanding €800,000,000 2.500% Senior Notes due 2024 (ISIN: XS1699848914) (the “Notes”) to tender their Notes for purchase by the Company for cash up to the Maximum Acceptance Amount, subject to satisfaction of the New Financing Condition (the “Offer”).
The Offer was made on the terms and subject to the conditions contained in a tender offer memorandum dated 8 April 2024 (the “Tender Offer Memorandum”) prepared by the Company, and subject to the offer restrictions set out in the Tender Offer Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
The expiration deadline for the Offer was 5.00 p.m. (CEST) on 15 April 2024. The Offer has expired and the Company now announces the results of the Offer.
Results of the Offer
The Company is pleased to announce that, conditional upon the satisfaction or waiver of the New Financing Condition, it will accept €406,949,000 in aggregate principal amount of Notes validly tendered in the Tender Offer. The pricing and acceptance of the Tender Offer is as follows:
|
Description of the Notes |
ISIN / Common Code |
Aggregate Principal Amount Accepted for Purchase |
Scaling Factor |
Purchase Price |
Aggregate Principal Amount Outstanding After the Settlement Date |
|
€800,000,000 2.500% Senior Notes due 2024 |
XS1699848914 / 169984891 |
€406,949,000 |
No scaling will be applied |
99.35% |
€393,051,000 |
All Notes purchased by the Company will be cancelled and will not be reissued or resold. Notes which have not been successfully submitted and accepted for purchase pursuant to the Tender Offer will remain outstanding after the Settlement Date.
The Settlement Date for the Offer (subject to the satisfaction or waiver of the New Financing Condition) is expected to be 19 April 2024.
The New Financing Condition will be satisfied upon the successful completion (in the sole determination of the Company) of the issue of the New Notes. The completion of the issue of the New Notes (and, accordingly, satisfaction of the New Financing Condition) is currently expected to occur on 18 April 2024.
Contact Information
Dealer Manager
BofA Securities Europe SA
51 rue La Boétie
75008 Paris
France
Attention: Liability Management Group
Telephone: +33 1 877 01057
Email: DG.LM_EMEA@bofa.com
Tender and Information Agent
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Telephone: +44 20 7704 0880
Attention: David Shilson
Email: dufry@is.kroll.com