By Paul A. Harris
Portland, Ore., Oct. 22 – Adevinta priced €1.06 billion of senior secured notes (Ba3/BB-/BB+) in two tranches on Thursday, according to market sources.
The deal featured a €660 million tranche of five-year notes that priced at par to yield 2 5/8%, tight to talk in the 2¾% area. Initial talk was in the 3 1/8% area.
It also featured a €400 million tranche of seven-year notes that priced at par to yield 3%, tight to talk in the 3 1/8% area. Initial talk was in the 3½% area.
Barclays and Citigroup are joint global coordinators and physical bookrunners.
Citigroup will bill and deliver.
Joint bookrunners are BNP Paribas, DNB and JPMorgan.
The Oslo-based online classifieds company is concurrently in the market with $500 million (€426 million equivalent) and €900 million of term loans (Ba3/BB-/BB+).
Proceeds of the notes and loans will be used 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.
Closing is expected by the first quarter of 2021.
Issuer: | Adevinta ASA
|
Amount: | €1.06 billion
|
Securities: | Senior secured notes
|
Global coordinators: | Citigroup (bill and deliver) and Barclays
|
Physical bookrunners: | Citigroup and Barclays
|
Joint bookrunners: | BNP Paribas, DNB and JPMorgan
|
Co-managers: | BofA and ING
|
Trade date: | Oct. 22
|
Settlement date: | Nov. 5
|
Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB+
|
Distribution: | Rule 144A and Regulation S
|
Marketing: | Roadshow
|
|
Five-year notes
|
Amount: | €660 million
|
Maturity: | Nov. 15, 2025
|
Coupon: | 2 5/8%
|
Price: | Par
|
Yield: | 2 5/8%
|
Spread: | 343 bps
|
Call protection: | Two years
|
Price talk: | 2¾% area
|
|
Seven-year notes
|
Amount: | €400 million
|
Maturity: | Nov. 15, 2027
|
Coupon: | 3%
|
Price: | Par
|
Yield: | 3%
|
Spread: | 372 bps
|
Call protection: | Three years
|
Price talk: | 3 1/8% area
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.