Oslo-based marketplaces operator Adevinta has announced the issuance of notices of redemption for around €1.1 billion ($1.2 billion U.S.) in bonds due to be repaid next year and in 2027.

The notices of redemption are for all of its outstanding €660 million ($717 million U.S.) aggregate principal amount 2.6% senior secured notes due 2025 and €400 million ($434 million U.S.) aggregate principal amount 3.0% senior secured notes due 2027.

The 2025 Notes will be redeemed in full at a redemption price equal to 100.7% of the principal amount, plus accrued and unpaid interest, while the 2027 Notes will be redeemed in full at a redemption price equal to 101.5% of the principal amount, plus accrued and unpaid interest.

The issuance of these notices comes as the company is in the process of being acquired by Aurelia Bidco Norway AS, a consortium led by investment companies Blackstone and Permira.

The acquisition is expected to be completed by the end of the current quarter.

At an EGM last week, shareholders in Adevinta approved the appointment of a new, and much smaller, board of directors — consisting of just three members — after the deal goes through.

Spun off from Norway-based Schibsted in 2019, Adevinta owns and operates marketplaces, primarily across its six core Western European markets — Germany, France, Italy, Spain, Belgium and the Netherlands. It also has joint ventures in several other countries, including Ireland (DistilledSCH) and Brazil (OLX-Brazil).

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