Adevinta sets tranches, talk in €1.06 billion two-part notes offering; books close Thursday

By Paul A. Harris

Portland, Ore., Oct. 21 – Adevinta set tranche sizes and price talk in its €1.06 billion two part secured notes offering, according to market sources.

The deal features a €660 million tranche of five-year non-call two-year notes talked to yield in the 2¾% area. Initial talk was in the 3 1/8% area.

It also features a €400 million tranche of seven-year non-call three-year notes talked in the 3 1/8% area. Initial talk was in the 3½% area.

Books close on 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.

Closing is expected by the first quarter of 2021.

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