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Adevinta updates pricing on $500 million, €900 million term loans
By Sara Rosenberg
New York, Oct. 21 – Adevinta revised price talk on its $500 million term loan B to a range of Libor plus 300 basis points to 325 bps from a range of Libor plus 325 bps to 350 bps, according to market sources.
Also, the original issue discount on the U.S. term loan was changed to 99 from 98.5, sources said.
The company lowered pricing on its €900 million term loan B to Euribor plus 325 bps from a range of Euribor plus 350 bps to 375 bps and tightened the original issue discount to 99 from 98.5.
As before, the U.S. term loan has one 25 bps step-down in pricing and a 0.75% Libor floor, the euro term loan has three 25 bps step-downs in pricing and a 0% floor and both 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 noon ET on Thursday for the U.S. loan and 8 a.m. ET on Thursday for the euro loan, accelerated from 9 a.m. ET on Friday for both loans, sources added.
Proceeds will be used with €1.06 billion of senior secured notes to refinance existing debt and 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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