Italy-based technology company and digital products developer Bending Spoons S.p.A. plans to raise a $600 million term loan B (TLB), the proceeds of which it will use to fund the acquisition of the U.S.-based video platform Brightcove in 2025, as well as keeping a portion of the cash for further acquisitions. Based on its successful track record of acquiring mobile, web, and desktop digital products, integrating them into its portfolio, and improving their operating efficiency and monetization, we expect that Bending Spoons will integrate Brightcove, along with other products acquired in 2024, with no material setbacks. We assume Bending Spoons will maintain its S&P Global adjusted leverage broadly around 4.0x-5.0x, from 5.0x at year-end 2024, as its growth strategy assumes
