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We invest in companies with tangible traction, a potential to scale beyond their domestic market, and who we can support with more than just financial resource.
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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 June 2023, the Revolving Credit Facility is undrawn.
As of 30 June 2023, Adevinta’s financing structure is as follows:
Amount (€ million)
Senior Secured Notes
1,060
Term Loan B
949
€450m Revolving Credit Facility
Undrawn
Financial Leases
74
Total
2,083
Further information on the respective debt categories is found below:
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 2027
3.000% (30/360)
Facility type
Term Loan B EUR
€635
June 2021
June 2028
Euribor (floor 0%) + 2.500% (Actual/360)
Term Loan B USD
$373
Libor (floor 0.75%) + 2.750% (Actual/360)*
Multicurrency Revolving Credit Facility
€450
June 2026
Euribor (floor 0%) + 2.7500% (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
Senior Secured Rating
BBB-
Latest update
July 3, 2023
July 27, 2022
April 12, 2023
Lead Analyst
Nikolai Lukashevich
Tatsiana Harelyshava
Gujan Dixit
Secondary Contact
Evgeniya Chernyaeva
Alexandra Balod
Mareem Jafari
Note: As of August 31, 2023. These credit ratings and outlook are subject to revisions at any time.
Adevinta ASA
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