Adevinta sets initial talk in €1.06 billion two-part notes offering

By Paul A. Harris

Portland, Ore., Oct. 20 – Adevinta circulated initial price talk on its €1.06 billion two part secured notes offering, according to market sources.

The deal features five-year non-call two-year notes with initial talk in the 3 1/8% area and seven-year non-call three-year notes with initial talk in the 3½% area.

Tranche sizes remain to be determined.

The deal is expected to be on the road through Thursday.

Barclays and Citigroup are joint global coordinators and physical bookrunners. BNP Paribas, DNB and JPMorgan are joint bookrunners.

Citigroup will bill and deliver.

The Oslo-based online classifieds company is concurrently in the market with $500 million (€426 million equivalent) and €900 million of term loans (Ba3/BB-/BB+).

Proceeds of the notes and loans will be used to refinance existing debt and to help fund the acquisition of eBay Classifieds Group, an online classifieds company, for $9.2 billion from eBay Inc.

Under the terms of the agreement, eBay will receive $2.5 billion in cash and 540 million shares of Adevinta, representing a 44% stake in pro forma Adevinta.

Closing is expected by the first quarter of 2021.

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