Bending Spoons Upsizes Notes Deal to $1.8B at 9.625% and 8.625% Coupons
BSP sits 53% above its 52-week low of $30.11 on light trading volume (0.3× avg).
Summary
Bending Spoons priced an upsized dual-currency senior secured notes offering at roughly $1.8 billion, up from the $1.5 billion it began marketing yesterday. The deal splits into $1.25 billion of 9.625% dollar notes and €500 million of 8.625% euro notes, both due 2032 and issued at par, at 100% of principal. The upsizing on strong demand is the notable part; the coupons are high, reflecting a leveraged borrower that has been funding an acquisition spree — Airtable at $1.285 billion in August, Miro at $1.355 billion closed October 26, and a $1.25 billion plus €395 million term loan B add-on earlier in October. Proceeds are earmarked for future acquisitions and general corporate purposes, as well as to pay costs, fees, expenses, and taxes in connection with the offerings, so this is dry powder for more deals rather than refinancing. The notes are issued by subsidiaries, not Bending Spoons itself: the dollar notes by Bending Spoons US Inc., a Delaware corporation, and the euro notes by Bending Spoons Operations S.p.A., an Italian joint stock company, each an indirect wholly owned subsidiary that Bending Spoons will not issue or guarantee. They settle on or about November 4, 2026, and will be listed on the Luxembourg Stock Exchange's Euro MTF.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — The notes settle on or about November 4, 2026, will be listed on the Luxembourg Stock Exchange's Euro MTF, and are issued at 100% of principal.
- Issuer Structure — The dollar notes are issued by Bending Spoons US Inc., a Delaware corporation, and the euro notes by Bending Spoons Operations S.p.A., an Italian joint stock company. Each issuer is an indirect wholly owned subsidiary, and Bending Spoons will not issue or guarantee the notes.
- Use of Proceeds — Net proceeds will also pay costs, fees, expenses, and taxes in connection with the offerings.
All 5 details
- U.S. dollar-denominated Notes issued by Bending Spoons US Inc., a Delaware corporation
- Euro-denominated Notes issued by Bending Spoons Operations S.p.A., a joint stock company (società per azioni) organized under the laws of Italy
- Each issuer is an indirect wholly owned subsidiary of Bending Spoons
- Bending Spoons will not issue or guarantee the notes
- Net proceeds also to pay costs, fees, expenses, and taxes in connection with the Offerings
At the time of this announcement, BSP was trading at $46.17 on NASDAQ in the Technology sector, with a market capitalization of approximately $29.3B. The 52-week trading range was $30.11 to $59.50. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.