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Debt Financing

Adevinta’s most important sources of debt financing are Senior Secured Notes and Term Loan B, as well as a flexible Multicurrency Revolving Credit Facility.

Immediately prior to completion of the acquisition of eCG the proceeds of the Notes of €1,060 million were released from escrow, and the Term Loan B of USD 506 million and €900 million was funded. Adevinta entered into a multicurrency revolving facility of €450 million. On 24 June 2021 the facility was drawn by €150 million.The proceeds from the Term Loan B, the multicurrency credit facility, and the Notes were used to, among other things, fund a portion of the cash consideration for the acquisition of eCG and repay existing debt.

 

 

As of 30 June 2021, Adevinta’s financing structure is as follows:

  Amount (€ million)
Senior Secured Notes 1,060
Term Loan B 1,326
€450m Revolving Credit Facility 150
Financial Leases 104
Total 2,640

Further information on the respective debt categories is found below:

 

 

Senior Secured Notes:

ISIN Nominal value (million) Issue date Maturity Interest
XS2249892535 (Reg S)
XS2250160202 (144A)
€660 November 2020 November 2025 2,625% (30/360)
XS2249894234 (Reg S)
XS2250161275 (144A)
€400 November 2020 November 2027 3%
(30/360)

Credit facilities:

Facility type Nominal value (million)  Issue date Maturity Interest
Term Loan B EUR €900 June 2021 June 2028 Euribor (floor 0%)+ 3,25% (Actual/360)
Term Loan B USD $506 June 2021 June 2028 Libor (floor 0,75%) + 3% (Actual/360)*
Multicurrency Revolving Credit Facility €450 June 2021 June 2026 Euribor (floor 0%)+ 3,50% (Actual/360)

*The Term Loan B USD was hedged with USD floating to EUR fixed cross currency swap. Adevinta pays a fixed rate of 3.169% (30/360) at an FX rate of 1.1851.

The Revolving credit facility, Term Loan B and Bonds fall due in their entirety at the stated due date. The Term Loan B USD has a small quarterly repayment equivalent to 0,25% of its notional.

 

 

Debt maturity profile:

This chart includes Senior Secured Notes, Term Loan Bs and the drawn amount of the Revolving Credit Facility.

 

 

Corporate Credit Ratings:

  Fitch S&P Moody’s
Long Term Rating BB BB- Ba3
Outlook Stable Stable Negative
Senior Secure Rating BB+  BB- Ba3
Rating Assigned July 16, 2021 July 1, 2021 Oct 13, 2020
Lead Analyst Nikolai Lukashevich Eugenio Manzoli Gujan Dixit
Secondary Contact Evgeniya Chernyaeva Alexandra Balod Mario Santangelo

Note: As of October 31st. These credit ratings and outlook are subject to revisions at any time.