Moody's assigns Adevinta notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the €1.06 billion worth of senior secured notes due 2025 and 2027 being issued by Adevinta ASA.

The senior secured notes will rank equally with the Ba3 rated senior secured term loan B, consisting of two tranches of up to €900 million and up to $500 million, respectively, maturing in 2027, and the €450 million revolving credit facility issued by Adevinta and Adevinta Finance AS.

The senior secured notes, the term loans and the revolver will be guaranteed by operating companies accounting for at least 80% of consolidated EBITDA, and secured by share pledges, bank accounts and intercompany receivables of the group.

Proceeds will fund Adevinta's acquisition of 100% of eBay classifieds group.

The rating outlook is negative.

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