We advised Avolta on the 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 €400 million aggregate principal amount of 4.625% senior notes due 2033. 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 €400 million of its outstanding 2.000% senior notes due 2027, for which it received tenders in an aggregate principal amount of approximately €354 million.

Based in Basel, Switzerland, Avolta is a global travel experience player, operating close to 5,100 duty-free and duty-paid shops and restaurants in approximately 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 and counsel Christopher Diel and John Taylor. Counsel Matthew R. Silver and associate Thomas Di Biasio provided Investment Company Act advice. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the New York, London and Washington DC offices.

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