By Paul A. Harris
Portland, Ore., Oct. 22 – Adevinta priced €1.06 billion of senior secured notes (Ba3/BB-/BB+) in two tranches on Thursday, according to market sources.
The deal featured a €660 million tranche of five-year notes that priced at par to yield 2 5/8%, tight to talk in the 2¾% area. Initial talk was in the 3 1/8% area.
It also featured a €400 million tranche of seven-year notes that priced at par to yield 3%, tight to talk in the 3 1/8% area. Initial talk was in the 3½% area.
Barclays and Citigroup are joint global coordinators and physical bookrunners.
Citigroup will bill and deliver.
Joint bookrunners are BNP Paribas, DNB and JPMorgan.
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.
| Issuer: | Adevinta ASA
|
| Amount: | €1.06 billion
|
| Securities: | Senior secured notes
|
| Global coordinators: | Citigroup (bill and deliver) and Barclays
|
| Physical bookrunners: | Citigroup and Barclays
|
| Joint bookrunners: | BNP Paribas, DNB and JPMorgan
|
| Co-managers: | BofA and ING
|
| Trade date: | Oct. 22
|
| Settlement date: | Nov. 5
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Five-year notes
|
| Amount: | €660 million
|
| Maturity: | Nov. 15, 2025
|
| Coupon: | 2 5/8%
|
| Price: | Par
|
| Yield: | 2 5/8%
|
| Spread: | 343 bps
|
| Call protection: | Two years
|
| Price talk: | 2¾% area
|
|
|
| Seven-year notes
|
| Amount: | €400 million
|
| Maturity: | Nov. 15, 2027
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | 372 bps
|
| Call protection: | Three years
|
| Price talk: | 3 1/8% area
|
|
|
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