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.