Avolta Completes Refinancing Plan
By Adria Calatayud
Avolta said it completed its refinancing initiatives with a tender offer for bonds due 2024 that leaves it with no relevant maturity before 2026.
The Swiss travel-retail group said Monday that bondholders tendered 50.9% of the outstanding bonds valued at 800 million euros ($852.6 million), or EUR407 million. The remaining outstanding notes will be kept until maturity and repaid in cash, Avolta said.
The offer was funded with last week's issue of bonds valued at EUR500 million and due in 2031, it said.
The company said it has more than CHF2.3 billion after repayment of the EUR800 million bond in current available liquidity position, which gives it flexibility for any future financing needs.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
April 22, 2024 01:25 ET (05:25 GMT)
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