Debt financing

Adevinta holds as of June 30th, 2020 net interest-bearing debt of €114 million. The Net Debt /EBITDA ratio stands at 0.6.

Adevinta has refinanced its Revolving Credit Facility of EUR 300 million with €600 million multi-currency Term Loan and Revolving Credit Facilities, which took effect in February 2020. The Facilities include an accordion increase option, which provides flexibility for the parties to agree an increased size by an additional €120 million during the term of the Facilities. The €400 million Revolving Credit Facility has a tenor of five years with two one-year extension options, whilst the €200 million Term Loan component has a tenor of three years.

In April 2020, Adevinta raised bilateral facilities for €225 million to support the acquisition of Grupo Zap.

As of June 30th, 2020 the €400 million RCF remains undrawn

On October 13, 2020, Adevinta ASA (the “Company” or “Adevinta”) announced plans to syndicate a new senior secured Term Loan B facility consisting of a EUR-denominated tranche in an aggregate principal amount of approximately €900 million and a U.S. dollar-denominated tranche in an aggregate principal amount of approximately €425 million  ($500 million equivalent) (together, the “TLB Facility”).  Subsequent to the launch of the TLB Facility, Adevinta intends to commence a private offering to eligible purchasers of additional senior secured financing (together with the TLB Facility, the “Senior Secured Financing”), subject to market conditions. The aggregate principal amount of the Senior Secured Financing is expected to be €2.386 billion, which will be used in part to fund a portion of the cash consideration for the acquisition of eBay Classifieds Group (“eCG”) and refinance existing debt.

On October 19, 2020, Adevinta ASA announced today that it has launched an offering of approximately €1,060 million aggregate principal amount of senior secured notes, consisting of notes due 2025 and 2027 (the “Senior Secured Notes”).

Adevinta previously announced its plans to syndicate a new senior secured Term Loan B facility consisting of a €900 million EUR-denominated tranche and a $500 million U.S. dollar-denominated tranche (the “Term Loan B”).

The aggregate principal amount of the Senior Secured Notes and the Term Loan B is expected to be €2.386 billion, which will be used to, among other things, fund a portion of the cash consideration for the acquisition of eBay Classifieds Group (“eCG”) and refinance existing debt.

The Senior Secured Notes and Term Loan B will be guaranteed by certain subsidiaries of Adevinta and eCG and secured by shares of certain of the guarantors as well as certain material bank accounts and the intercompany receivables of Adevinta.

This press release is neither an offer to sell nor the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Senior Secured Notes discussed in this release have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States or to US persons without registration or pursuant to an applicable exemption from registration under that act.

Corporate Credit Ratings:

FitchS&PMoody’s
Long Term RatingBB (EXP)BB- (Prelim)Ba3
OutlookStableStableNegative
Senior Secure RatingBB+ (EXP) BB- (Prelim)Ba3
Rating AssignedOct 13, 2020Oct 13, 2020Oct 13, 2020
Lead AnalystNikolai LukashevichTatsiana HarelyshavaGujan Dixit
Secondary contactEvgeniya ChernyaevaNatalia GoncharovaMichael Odumodu

Note: These credit ratings and outlook are subject to revisions at any time.