Dufry International AG / Key word(s): Miscellaneous
Dufry secures additional S&P Global Ratings Upgrade to BB with Outlook Stable, further increases its 2027 Revolving Credit Facility

12.07.2023 / 18:00 CET/CEST


Marking the second upgrade this year, after an earlier upgrade in March, S&P Global Ratings have now further upgraded Dufry’s credit rating to BB, Outlook Stable. S&P Global Ratings’ action was based on Dufry’s strong performance, the continued momentum in travel as well as the successful completion of the business combination with Autogrill. Additionally, Dufry increases its Revolving Credit Facility (RCF) to EUR 2’675 million.

S&P Global Ratings’ report, published on July 11, 2023, referred to Dufry’s sound business rationale and successful completion of its combination with Autogrill, executed with a solid financing approach. As a consequence, S&P Global Ratings expects the company’s credit metrics to improve in the near term.

In addition to the rating upgrade, Dufry received further commitments for the “Accordion” option of its RCF. Existing and new bank partners already committed to EUR 180 million in April this year, with further agreements for an additional EUR 410 million signed in June. With these two steps, the overall facility has been increased from an initial EUR 2’085 million to now EUR 2’675 million.

Yves Gerster, CFO of Dufry Group, commented: “We are extremely happy about the rating upgrade we received by S&P Global Ratings this week – another upgrade following the first rating improvement earlier this year is an endorsement of our Destination 2027 strategy. S&P Global Ratings acknowledges our solid financial performance, the successful execution of the transformative business combination with Autogrill and, most importantly, the conclusive strategic rationale for the transaction. 

We increased our RCF by overall EUR 590 million as of end-June, at attractive terms in the current market environment and also benefitting from the impact of the rating upgrade. The 2027 maturity sums up to EUR 2’675 million, providing sufficient financial flexibility while further strengthening the relationship with Dufry’s and Autogrill’s lending banks.”
 

* * * * *


Legal Disclaimer 
This document is not an offer of, or a solicitation of offers to purchase or subscribe for, securities in the United States, Australia, Canada, Japan and any other jurisdictions where the making of an offer of securities for sale would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority (such jurisdictions, including the United States, Canada, Japan and Australia, the "Excluded Countries"). No securities have been or will be registered under the U.S. Securities Act and no securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No actions have been taken or will be taken to make an offer of securities to the public in any of the Excluded Countries.
 

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
kristin.koehler@dufry.com Phone : +41 61 266 44 19
  renzo.radice@dufry.com
   


End of Media Release


Language: English
Company: Dufry International AG
Brunngässlein 12
4010 Basel
Switzerland
Phone: +41612664444
E-mail: Headoffice@dufry.com
Internet: www.dufry.com
ISIN: CH0023405456
Listed: SIX Swiss Exchange
EQS News ID: 1678819

 
End of News EQS News Service

1678819  12.07.2023 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1678819&application_name=news&site_id=boersennews