By Owen Sanderson
02.15 PM
Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.
The company is offering €850m-equivalent of notes, split into euro and Swiss franc tranches with seven year and five year maturities respectively. Most of the money raised will go to shore up the company’s liquidity position, with €367m of cash to balance sheet.The remainder of the money