Adevinta to launch $500 million, €900 million term loans on Wednesday

By Sara Rosenberg

New York, Oct. 13 – Adevinta is set to hold a lender call at 9 a.m. ET on Wednesday to launch a $500 million (€426 million equivalent) term loan B and a €900 million term loan B, according to a market source.

Barclays and Citigroup are the global coordinators on the deal and physical bookrunners on the euro loan. Barclays is the physical bookrunner on the U.S. loan. Barclays is also the agent. Joint bookrunners include BNP Paribas Securities Corp., DNB and J.P. Morgan Securities LLC. Mandated lead arrangers include BofA Securities Inc. and ING.

The term loans have 101 soft call protection for six months, the source said.

Commitments are due at 9 a.m. ET on Oct. 23.

Proceeds will be used with €1.06 billion of other secured debt 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.

Under the terms of the agreement, eBay will receive $2.5 billion in cash and 540 million shares of Adevinta, representing a 44% stake in pro forma Adevinta.

Closing is expected by first quarter 2021, subject to eBay Classifieds Group Dutch Works Council approval, regulatory approvals and customary conditions.

Adevinta is an Oslo-based online classifieds company.

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