On 28 October, Wednesday, Nasdaq-listed Bending Spoons, a Milan-based app developer that Matteo Danieli, Luca Ferrari, Francesco Patarnello, and Luca Querella founded, said it issued two senior secured bonds of 1.8 billion US Dollars in support of M&A deals (press release).
The company increased the issuance that previously announced for 1.5 billion US Dollars on 27 October, Tuesday, considering the investors demand (press release).
The coupon of the 1.25 billion US Dollars amounts to 9.625% (annual interests of 120.3 million US Dollars) while the 500 million euros worth item’s is of 8.625% (43.1 million).
Bending Spoons US Inc., a Delaware vehicle, will issue the US Dollars bond. Italian Bending Spoons Operations will carry on the euro denominated deal. Bending Spoons will be neither the issuer nor the guarantor of the securities that will be part of the Luxembourg Exchange Official List and trade on the Euro MTF Specialist Securities Segment.
Bending Spoons said in late September 2026 that incremented two senior secured term loans B maturing in 2031 to 1.25 billion US Dollars (from 750 million US Dollars) and 395 million Euros (250 million Euros) (see here a previous post by BeBeez and SEC Form 6-K).
At the end of July 2026, Bending Spoons secured a new 500 million euros medium- to long-term loan maturing in March 2031 HSBC Continental Europe, Intesa Sanpaolo and BPER Banca with the SACE warranty from. The company also attracted a further 495 million in Term Loan A and a 490 million increase in commitments under the revolving credit facility. Since 2Q26, Bending Spoons has 1.49 billion euros resources, which can also be finance acquisitions (press release).
On 27 October, before the finalization of the non-investment grade bonds pricing and the placement increase, the items received a Ba3 from Moody’s Ratings which also confirmed the group’s corporate family appraisal and the stable outlook. In September 2026, Bending Spoons received an upgrade to Ba3 from B1 (Moody’s) and BB- from B+ (S&P Global Ratings) as it improved its financial profile and cash generation capability (Teleborsa).
Moody’s reiterated that Bending Spoons should keep its net debt to ebitda ratio between 2X and 3X.
The main risk factors, on the other hand, include the rapid pace of acquisitions, reliance on debt financing, fierce competition in the digital products market, and the possibility that the acquired companies may not contribute to profitability and cash generation as forecast.
In September 2026, Bending Spoons announced the pricing and syndicated placement of two tranches of existing senior secured Term Loan B, both maturing in 2031: 1.25 billion US dollars for the US dollar-denominated tranche and 395 million euros for the euro-denominated tranche. The amounts raised exceeded the initial targets by 750 million US dollars and the equivalent of 250 million euros, respectively. The proceeds will finance the acquisition of Miro, to repay the drawn portion of the revolving credit facility in euros, and to meet the group’s general funding requirements (press release).
In March 2025, Bending Spoons secured a direct lending facility of 600 million US dollars from Silver Point Capital and other investors (see here a previous post by BeBeez) while in August 2025 it attracted 500 million euros venture debt from JP Morgan, BNP Paribas, Crédit Agricole, Banco BPM, Bank of America, Barclays, Goldman Sachs, HSBC, Intesa Sanpaolo, Mizuho, Société Générale, and Wells Fargo (see here a previous post by BeBeez).
Bending Spoons recently acquired Miro on the ground of an enterprise value of 1.355 billion Euros (press release and see here a previous post by BeBeez) and Airtable for an ev of 1.285 billion US Dollars and an equity value or 2.25 billion (see here a previous post by BeBeez). Bending Spoons is a global catalyst of digital businesses and previously acquired Tractive, AOL, Eventbrite, MileIQ Inc, Vimeo, komoot, Brightcove, WeTransfer, Issuu, Hopin/StreamYard Top Corp, Meetup, assets of Mosaic Group and of Evernote.
In mid-October 2026, Berkshire Hathaway, the firm that Warren Buffett founded and ceo Greg Abel heads, committed to subscribe to a 330 million US Dollars capital increase of Bending Spoons in exchange of a 4% stake after having invested 600 million in the company’s IPO (see here a previous post by BeBeez)
The Bending Spoons presentation for the debt investors of 20 October, Tuesday, says that the company has a gross pro-forma financial debt of 6.64 billion US Dollars, available cash of 1.52 billion and net financial debt of 5.12 billion US Dollars.
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