On March 27, 2025, Italy-based technology company and digital products developer Bending Spoons S.p.A. issued a $150 million fungible term loan B (TLB) add-on to the $600 million TLB it issued on March 7, 2025. The company will use the add-on proceeds to repay its revolving credit facility (RCF), which it used to fund its recent acquisition of Germany-based outdoor navigation and route-planning application Komoot. Incorporating the Komoot acquisition, we assume Bending Spoons will maintain its S&P Global Ratings-adjusted leverage at broadly 4.0x-5.0x as its growth strategy assumes ongoing spending on new acquisitions. We estimate its adjusted leverage was about 5.0x at year-end 2024 and we forecast it will reduce to 4.6x in 2025, reflecting EBITDA growth and amortizing debt
