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


Term Loan B


€450m Revolving Credit Facility


Financial Leases




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)


November 2020

November 2025

2.625% (30/360)

XS2249894234 (Reg S) XS2250161275 (144A)


November 2020

November 2027

3.000% (30/360)

Credit Facilities:

Facility type Nominal Value (million) Issue Date Maturity Interest

Term Loan B EUR


June 2021

June 2028

Euribor (floor 0%) + 2.500% (Actual/360)

Term Loan B USD


June 2021

June 2028

Libor (floor 0.75%) + 2.750% (Actual/360)*

Multicurrency Revolving Credit Facility


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






Credit Watch Developing


Senior Secured Rating




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.