Moody’s assigns Adevinta, loan Ba3

Moody’s Investors Service said it assigned a Ba3 corporate family rating and Ba3-PD probability of default rating to Adevinta ASA. Concurrently, Moody’s assigned Ba3 ratings to the new senior unsecured term loan B being issued by Adevinta and Adevinta Finance AS. The senior unsecured term loan B consists of two tranches of up to €900 million and up to $500 million, respectively, maturing in 2027.

Adevinta agreed to acquire 100% of eBay classifieds group (eCG), the global classifieds arm of eBay Inc. “This acquisition will lead to the creation of a globally scaled, pure-play online classifieds leader with a diversified and complementary portfolio of assets and brands. The combined business would have represented an estimated €1.6 billion in revenues and around €530 million in EBITDA in 2019,” Moody’s said in a press release.

Adevinta will be using the proceeds being issued to fund this acquisition transaction.

The outlook is negative.

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