Bending Spoons Seeks $1.5B in Senior Secured Notes to Fund More Acquisitions
BSP sits 53% above its 52-week low of $30.11.
Summary
Bending Spoons is marketing $1.5 billion of senior secured notes due 2032 — $1 billion in dollars and $500 million (approximate euro equivalent) — with proceeds earmarked to fund future acquisitions plus fees and general corporate purposes. The notes are issued by subsidiaries (Bending Spoons US Inc. and Bending Spoons Operations S.p.A.), and the parent will not issue or guarantee them. This is the third debt raise in under a month: the company closed $1.25 billion plus €395 million of term loan B add-ons on October 2 after a Moody's upgrade, and Berkshire put in another $330 million on October 14. Pricing, coupons and terms are still to be set, so the cost of this new debt is unknown. The signal is that management is loading up on acquisition firepower right after closing Miro on October 26 and Airtable in September — watch the pricing and any follow-on deal announcement.
At the time of this announcement, BSP was trading at $46.05 on NASDAQ in the Technology sector, with a market capitalization of approximately $29.6B. The 52-week trading range was $30.11 to $59.50. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.