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Adevinta finalizes $500 million term loan at Libor plus 300 bps
By Sara Rosenberg
New York, Oct. 22 – Adevinta firmed pricing on its $506 million seven-year covenant-lite term loan B at Libor plus 300 basis points, the low end of revised talk of Libor plus 300 bps to 325 bps and down from initial talk in the range of Libor plus 325 bps to 350 bps, according to market sources.
The U.S. term loan still has a 0.75% Libor floor and an original issue discount of 99.
The company is also getting a €900 million seven-year covenant-lite term loan B priced at Euribor plus 325 bps with a 0% floor and a discount of 99.
Previously in syndication, the discount on the U.S. and euro term loans was revised from 98.5 and pricing on the euro term loan was reduced from talk in the range of Euribor plus 350 bps to 375 bps.
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.
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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