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 2022, the Revolving Credit Facility is undrawn.

As of 30 June 2022, Adevinta’s financing structure is as follows:

  Amount (€ million)
Senior Secured Notes 1,060
Term Loan B 1,323
€450m Revolving Credit Facility Undrawn
Financial Leases 84
Total 2,467

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 maturing in June 2024. Adevinta pays a fixed rate of 3.169% (30/360) at an FX rate of 1.1851.

** Margin on the Term Loan Bs is subject to a leverage based margin ratchet. Level displayed is the highest applicable margin.

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 Stable
Senior Secured Rating BB+  BB- Ba3
Latest update July 11, 2022 July 27, 2022 Jan 26, 2022
Lead Analyst Nikolai Lukashevich Eugenio Manzoli Gujan Dixit
Secondary Contact Evgeniya Chernyaeva Alexandra Balod Mario Santangelo

Note: As of June 30th 2022. These credit ratings and outlook are subject to revisions at any time.