Bending Spoons has priced a dual currency senior secured notes offering of about $1.8 billion, upsized from the approximately $1.5 billion proposed offering it announced on October 27. The priced deal comprises $1.25 billion of dollar notes at 9.625 percent and 500 million euros of euro notes at 8.625 percent, both due in 2032 and issued at par, with settlement expected on or about November 4, 2026.
The structure keeps the borrowing away from the Milan parent. The dollar notes are issued by Bending Spoons US Inc., a Delaware subsidiary, and the euro notes by Bending Spoons Operations S.p.A., an Italian subsidiary; each issuer is an indirect wholly owned subsidiary, and Bending Spoons S.p.A. itself will neither issue nor guarantee the notes. At launch, the dollar tranche had been marketed as $1 billion of five year notes in the low 10 percent area and the euro tranche in the low 9 percent area, with expected ratings of BB minus.
Net proceeds are intended to fund future acquisitions, which the launch release did not name, plus offering costs and general corporate purposes. That makes this pre-funding rather than deal financing: in September the company raised term loan add-ons of $1.25 billion and 395 million euros against a named target, its agreed acquisition of Miro at a $1.355 billion enterprise value, which closed this week. Reported group debt had already reached $4.9 billion by the end of June 2026, up from $0.4 billion at the end of 2023, before the new notes.
Bending Spoons, listed on Nasdaq in July, builds its growth on buying and operating consumer software brands. Its September deals included Airtable at a $1.285 billion enterprise value alongside Miro, and it recently took a further $330 million investment from Berkshire Hathaway. The upsizing on strong demand says bond investors are willing to fund that acquisition machine in advance, at junk rated prices, without a parent guarantee.