Commentary & Deal Flow

Adevinta ASA EUR1.06bn 144A/Reg S sr sec notes 2-part. Ba3/BB-/BB+. Via Barc/Citi (B&D) jt glocos/BNP/DNB/JPM joint books, BofA, ING as co-managers. No reg rights. NY law. List Lux.

- EUR660m due 2025 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. IPT 3.125% area. Px talk: 2.75% area.

- EUR400m due 2027 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPT: 3.50% area. Px talk: 3.125% area.

Telephonic roadshow 10/19-22 (investor call at 12:30pm UKT 10/19). Books close at 1pm UKT tomorrow, Thurs. Pricing tomorrow (originally pricing Fri). UOP: Along with EUR900m and $500m 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).