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 30 September 2023, the Revolving Credit Facility is undrawn.
As of 30 September 2023, Adevinta’s financing structure is as follows:
|
Amount (€ million) |
Senior Secured Notes |
1,060 |
Term Loan B |
854 |
€450m Revolving Credit Facility |
Undrawn |
Financial Leases |
89 |
Total |
2,003 |
Further information on the respective debt categories is found below:
ISIN |
Nominal Value (million) |
Issue Date |
Maturity |
Interest |
XS2249892535 (Reg S) |
€660 |
November 2020 |
November 2025 |
2.625% (30/360) |
XS2249894234 (Reg S) |
€400 |
November 2020 |
November 2027 |
3.000% |
Facility type |
Nominal Value (million) |
Issue Date |
Maturity |
Interest |
Term Loan B EUR |
€615 |
June 2021 |
June 2028 |
Euribor (floor 0%) + 2.500% (Actual/360) |
Term Loan B USD |
$283 |
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 30 June 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.
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.
|
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 November 21, 2023. These credit ratings and outlook are subject to revisions at any time.