Adevinta sets price talk on $500 million, €900 million term loans

By Sara Rosenberg

New York, Oct. 14 – Adevinta released price talk on its $500 million (€426 million equivalent) term loan B and €900 million term loan B with its lender call on Wednesday, according to market sources.

The U.S. term loan is talked at Libor plus 325 basis points to 350 bps with a 0.75% Libor floor and an original issue discount of 98.5, and the euro term loan is talked at Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 98.5, sources said.

The term loans (Ba3/BB-/BB+) have 101 soft call protection for six months.

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.

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 the first quarter of 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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