We advised Avolta on its high-yield notes offering and tender offer

Davis Polk advised Dufry One B.V., a wholly owned subsidiary of Avolta AG, as issuer, and Avolta AG and certain of its wholly owned subsidiaries, as guarantors (together with the issuer, “Avolta”), in connection with a Regulation S high-yield debt offering of €500 million aggregate principal amount of 4.750% senior notes due 2031. The notes are expected to be listed on The International Stock Exchange.

Davis Polk also advised Dufry One B.V. in connection with its cash tender offer to purchase up to €500 million of its outstanding 2.500% senior notes due 2024, for which it received tenders in an aggregate principal amount of approximately €407 million.

Based in Basel, Switzerland, Avolta is a global travel experience player, operating over 5,100 duty-free and duty-paid shops and restaurants in over 1,000 locations such as airports, cruise liners and ferries, seaports, motorways, railway stations and downtown tourist areas.

The Davis Polk corporate team included partner John B. Meade, European counsel John Taylor and associates Michael Schuster, Federica Camilleri de Marco and Ryan Mainous. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Victoria Glass provided Investment Company Act advice. Partner Dominic Foulkes and counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the New York and London offices.

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