Debt Financing
Adevinta’s sources of debt financing are Senior Secured Notes and Term Loan B Facilities, as well as a flexible Multicurrency Revolving Credit Facility.
In connection with the eCG acquisition in 2021, Adevinta issued Senior Secured Notes totalling €1,060 million. Additionally, Adevinta entered into US Dollar and Euro Term Loan B facilities totalling $506 million and €900 million, respectively and a €450 million Multicurrency Revolving Credit Facility.
As of 31 December 2023, the Revolving Credit Facility is undrawn.
As of 31 December 2023, Adevinta’s financing structure is as follows:
Amount (€ million) | |
---|---|
Senior Secured Notes | 1,060 |
Term Loan B | 761 |
€450m Revolving Credit Facility | Undrawn |
Financial Leases | 86 |
Total | 2,003 |
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 | 3.000% (30/360) |
Credit Facilities:
Facility type | Nominal Value (million) | Issue Date | Maturity | Interest |
---|---|---|---|---|
Term Loan B EUR | €585 | June 2021 | June 2028 | Euribor (floor 0%) + 2.500% (Actual/360) |
Term Loan B USD | $209 | June 2021 | June 2028 | Libor (floor 0.75%) + 2.750% (Actual/360)* |
Multicurrency Revolving Credit Facility | €450 | June 2021 | June 2026 | Euribor (floor 0%) + 2.500% (Actual/360) |
* The USD Term Loan B Facility is hedged with a USD floating to EUR fixed cross currency interest rate swap, maturing in June 2024, resulting in a fixed rate of 3.169% (30/360) at an FX rate of 1.1851.
** Margins on the Term Loan B Facilities are subject to a leverage based margin ratchet. Margins displayed are at the level applicable to the leverage ratio at 31 December 2023.
The Revolving Credit Facility, Term Loan B Facilities and Bonds fall due at their applicable maturity dates, with early repayments allowed and call option features on the bonds. The USD Term Loan B Facility has a quarterly amortisation equivalent to 0.25% of its notional.
Debt maturity profile:
This chart above includes the Senior Secured Notes and Term Loan B Facilities. It does not include the 0.25% quarterly amortisation on the USD Term loan B facility.
Corporate Credit Ratings:
Fitch | S&P | Moody’s | |
---|---|---|---|
Long Term Rating | BB+ | BB- | Ba2 |
Outlook | Stable | Credit Watch Developing | Stable |
Senior Secured Rating | BBB- | BB- | Ba2 |
Latest update | July 3, 2023 | September 28, 2023 | April 12, 2023 |
Lead Analyst | Nikolai Lukashevich | Tatsiana Harelyshava | Gujan Dixit |
Secondary Contact | Evgeniya Chernyaeva | Alexandra Balod | Mareem Jafari |
Note: As of March 6, 2024. These credit ratings and outlook are subject to revisions at any time.