Bending Spoons raises €400M debt add-on to fund Miro deal
What's the deal? Bending Spoons has syndicated and priced two add-ons to its senior secured term loans due 2031: a $1.25 billion tranche in US dollars and a €395 million tranche in euros. Both amounts topped the original targets of $750 million and $250 million equivalent.
Why now? The syndication follows credit rating upgrades this week from both Moody's and S&P. Moody's lifted its rating to Ba3 from B1, while S&P raised it to BB- from B+.
Where's the money going? The Italian company plans to finance its agreed acquisition of collaboration platform Miro, repay the drawn portion of its euro revolving credit facility, and cover general corporate purposes. The add-ons remain subject to closing conditions, including final documentation.
What's the endgame? Bending Spoons buys digital businesses, restructures them, and reinvests the earnings into more acquisitions. Its portfolio already includes Airtable, AOLDealroom has a profile for this one. Try Dealroom →, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer.
The signal: The raise ranks among the largest debt rounds for a mobile app company in Italy, sitting in the 99th percentile across 320 comparable deals. It shows how a serial acquirer can lean on cheaper debt as its credit profile strengthens — funding fresh deals without diluting ownership.
Read more: marketscreener.com
Image credit: Generated with Gemini
