The classifieds giant Adevinta has announced a fresh round of fundraising for the $9.2 billion purchase of eBay Classifieds announced in July. The company today announced a bond issue of €1,060 million worth of senior secured notes which will be due between 2025 and 2027. This latest fundraising comes hot on the heels of an announcement early last week that the company would be taking on two senior loans of €900 million and $500 million respectively as well as the news that Adevinta is to sell three leading assets (Fincaraíz in Colombia, Avito in Morocco and Tayara in Tunisia) to Frontier Digital Ventures for A$56 million.
Adevinta has taken the opportunity of the announcement of its latest bond issue to release provisional Q3 results in a memorandum covering the eBay Classifieds deal. Although today’s report is at pains to stress its preliminary nature, the outlook seems fair for the Schibsted spinoff which counts property portals Fotocasa and avendrealouer among its many classifieds assets as well as holding joint ventures in OLX Brazil and Daft in Ireland.
“As expected, the pick-up in performance throughout the second quarter of 2020 has continued into the third quarter. We saw further improvement in operational KPIs in our main markets, with traffic growing year-on-year in all large markets.”
Revenue is expected to increase by more than 1% year on year for Q3 with France and Brazil singled out as markets where organic growth has been strong. EBITDA is also expected to rise compared to Q2 of this year, although the report does not venture a figure here. Interestingly, today’s missive mentions that during the worst of the pandemic the company, like many others, slashed marketing and personnel expenses but that recruitment and marketing are now ramping up again.