S&P rates Adevinta, loans BB-

S&P said it assigned Adevinta ASA and its planned €2.386 billion of debt preliminary BB- ratings. The new debt will include term loans of about €1.326 billion (denominated in euros and dollars), other senior secured debt of €1.06 billion, and a new €450 million revolver, which will all rank pari passu.

Proceeds will be used to repay a bridge loan used to finance the acquisition eBay classifieds group and refinance debt.

“The preliminary rating on Adevinta reflects the elevated leverage post acquisition, with expected deleveraging below 4.5x (pro forma the full consolidation of eCG) in 2021 and to 3.5x-4x in 2022.,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.