Adevinta refinanced its existing €300 million ($330 million) bank facility with a €600 million ($660 million) multi-currency term loan and revolving credit facilities.
The facilities include an accordion increase option, which provides flexibility for the parties to increase the size of the facility by an additional €120 million ($132 million) during the term of the gacilities.
The revolving credit facility has a tenor of five years with two one-year extension options, whilst the term loan component has a tenor of three years.
DNB Markets and Danske Bank acted as co-ordinators, mandated lead arrangers and bookrunners on the transaction. In addition, BNP Paribas Norway Branch and Swedbank joined as mandated lead arrangers and bookrunners. J.P. Morgan Securities and ING Bank participated in the transaction as lead arrangers.
“We are pleased to announce the successful refinancing of our bank facility, practically doubling the liquidity buffer available to us at all times. The new facilities move us towards a funding structure that better supports Adevinta’s strategic intent. The revised banking group brings a wealth of expertise in the complete range of banking products, a global coverage and high expertise in capital markets executions,” said Uvashni Raman, Adevinta CFO.
Adevinta is a global online classifieds company with generalist, real estate, cars, jobs and other internet marketplaces in 16 countries.