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We're all about matchmaking, and we take the same approach to hiring. But it's not just about finding the right skills for the job. It's also about making sure the role and the culture are the right match too.
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We invest in companies with tangible traction, a potential to scale beyond their domestic market, and who we can support with more than just financial resource.
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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 31 December 2022, the Revolving Credit Facility is undrawn.
As of 31 December 2022, Adevinta’s financing structure is as follows:
Further information on the respective debt categories is found below:
Senior Secured Notes:
Credit facilities:
*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.
Ba3 rating and stable outlook confirmed by Moody’s in January 2023.
This chart includes Senior Secured Notes and Term Loan Bs. As of December 2022, the Revolving Credit Facility is undrawn.
1 Excludes USD Term loan B 0,25% quarterly amortization as per Facilities Agreement
Corporate Credit Ratings:
Note: As of February 2023 these credit ratings and outlook are subject to revisions at any time.
Adevinta ASA
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