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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COMM
PRCD
ADE
Adevinta ASA€1,060
2EMEA
Oct 22, 2020
currency
EUR
size (m)
660.000
maturity
Nov 15, 2025
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba3
s&p
BB-
fitch
BB+
size description
-
re-open/tap
No
ipt
3.125% area
ipt-pxd
-
guidance
2.75% area
spread
343
coupon
2.625%
spread set
-
price
100.00000
yield
2.625%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
co-managers
coordinating managers
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
co-managers
coordinating managers
currency
EUR
size (m)
400.000
maturity
Nov 15, 2027
type
Fixed
tenor
7.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba3
s&p
BB-
fitch
BB+
size description
-
re-open/tap
No
ipt
3.50% area
ipt-pxd
-
guidance
3.125% area
spread
372
coupon
3.000%
spread set
-
price
100.00000
yield
3.000%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BNP, BRC, CTI, DNB, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BNP, BRC, CTI, DNB, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
Tranche Comments
Registration: 144A/Reg S; Comments: 10/22/2020 Adevinta ASA (ADEBNO) EUR1.06bn 144A/Reg S sr sec notes 2-part. Ba3/BB-/BB+ (negative/stable/stable). Via Barc/Citi (B&D) jt glocos/BNP/DNB/JPM joint books, BofA, ING as co-managers. No reg rights. NY law. List Lux. SMR at 100 if the acquisition has not been completed by 04/20/21. Settles 11/05 (T+10). - EUR660m due 11/15/25 (5y). NC2 (MWC B+50bp), then at 101.3125, 100.65625, 100. Equity claw: 2y 40% at 102.625. Special call: 10% per year the 1st 2 years at 103. Reg S ISIN: XS2249892535. IPT 3.125% area. Px talk: 2.75% area. Priced: 2.625% at 100. +343bp vs DBR 1% 08/15/25. - EUR400m due 11/15/27 (7y). NC3 (MWC B+50bp), then at 101.50, 100.75, 100. Equity claw: 3y 40% at 103.00. Special call: 10% per year the 1st 3 years at 103. Reg S ISIN: XS2249894234. IPT: 3.50% area. Px talk: 3.125% area. Priced: 3.00% at 100. +372bp vs DBR 0.0% 11/15/27. Telephonic roadshow 10/19-22 (investor call at 12:30pm UKT 10/19). Books closed at 1pm UK 10/22. (Originally pricing 10/23). UOP: Along with EUR900m and $506m term loans, EUR105m cash on hand and EUR7.915bn eBay rollover equity into Adevinta, to fund the acquisition of eBay Classifieds Group for EUR8.806bn and refinance existing debt (repayment of existing intercompany debt and distribution EUR1.022bn, Advevinta debt EUR487m). Principal shareholders: Schibsted (59.1%) and eBay (44%). Biz: online classified ads. (Acquisition announced 07/20/20).; Registration: 144A/Reg S; Comments: 10/22/2020 Adevinta ASA (ADEBNO) EUR1.06bn 144A/Reg S sr sec notes 2-part. Ba3/BB-/BB+ (negative/stable/stable). Via Barc/Citi (B&D) jt glocos/BNP/DNB/JPM joint books, BofA, ING as co-managers. No reg rights. NY law. List Lux. SMR at 100 if the acquisition has not been completed by 04/20/21. Settles 11/05 (T+10). - EUR660m due 11/15/25 (5y). NC2 (MWC B+50bp), then at 101.3125, 100.65625, 100. Equity claw: 2y 40% at 102.625. Special call: 10% per year the 1st 2 years at 103. Reg S ISIN: XS2249892535. IPT 3.125% area. Px talk: 2.75% area. Priced: 2.625% at 100. +343bp vs DBR 1% 08/15/25. - EUR400m due 11/15/27 (7y). NC3 (MWC B+50bp), then at 101.50, 100.75, 100. Equity claw: 3y 40% at 103.00. Special call: 10% per year the 1st 3 years at 103. Reg S ISIN: XS2249894234. IPT: 3.50% area. Px talk: 3.125% area. Priced: 3.00% at 100. +372bp vs DBR 0.0% 11/15/27. Telephonic roadshow 10/19-22 (investor call at 12:30pm UKT 10/19). Books closed at 1pm UK 10/22. (Originally pricing 10/23). UOP: Along with EUR900m and $506m term loans, EUR105m cash on hand and EUR7.915bn eBay rollover equity into Adevinta, to fund the acquisition of eBay Classifieds Group for EUR8.806bn and refinance existing debt (repayment of existing intercompany debt and distribution EUR1.022bn, Advevinta debt EUR487m). Principal shareholders: Schibsted (59.1%) and eBay (44%). Biz: online classified ads. (Acquisition announced 07/20/20).;

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