--- title: "Bending Spoons closed its $1.36 billion Miro buyout and got a first BB rating as Fitch sees 6.1x leverage" description: "The Milan consolidator closed the Miro buyout on October 26, got its first BB rating the day after, and is marketing $1.5 billion of double-digit-yield notes to fund more of the same: subscription software bought at a tenth of 2021 prices." publisher: "The Inference" section: "Deals" published: 2026-10-28T18:01:15.740Z modified: 2026-10-28T18:01:15.740Z canonical: https://theinference.org/article/bending-spoons-closed-its-1-36-billion-miro-buyout-and-got-a-first-bb-rating-as-fitch-sees-6-1x-leverage language: en keywords: "Bending Spoons, Miro, Acquisitions, High Yield Debt, Credit Ratings" --- # Bending Spoons closed its $1.36 billion Miro buyout and got a first BB rating as Fitch sees 6.1x leverage > The Milan consolidator closed the Miro buyout on October 26, got its first BB rating the day after, and is marketing $1.5 billion of double-digit-yield notes to fund more of the same: subscription software bought at a tenth of 2021 prices. ## Miro is sold, and its sellers took stock instead of all cash [Miro](https://theinference.org/markets/companies/miro), the visual workspace used by more than 250,000 organizations, has a new owner [1][2][3]. [Bending Spoons](https://theinference.org/markets/companies/bending-spoons), the Milan software consolidator listed on Nasdaq, closed its all-cash purchase on Monday October 26 at $1.355 billion of enterprise value, about $1.79 billion counting Miro's net cash [1][2][3]. The sellers did not walk away clean: certain former Miro shareholders [rolled roughly $295 million of their proceeds into about 6.2 million new Bending Spoons shares](https://www.bullished.co/bending-spoons-closes-miro-deal-with-ex-miro-holders-plowing-295-million-into-its-stock-8cbcf9d4/), an average near $47.50 each [1][4]. ## A first-time junk rating arrives the day after The day after closing, [Fitch gave Bending Spoons its first long-term issuer rating](https://tradersunion.com/news/companies/show/3988340-bending-spoons-bb-rating-us-notes/): BB, stable, for a proposed [$1.5 billion of senior secured notes](https://theinference.org/article/bending-spoons-borrows-1-5-billion-it-will-not-guarantee-for-deals-that-do-not-exist-yet), $1 billion in dollars and about $500 million in euro, both due 2032 [5][8]. The paper is being marketed in the low 10s on the dollar tranche and the low 9s in euro, against 7.8% on the Pan-European high-yield index [6]. Fitch expects gross leverage to climb from 4.4x in 2025 to 6.1x in 2026 before easing to 3.0x by end-2027 [5]. *Chart: **Fitch sees gross leverage peaking at 6.1x in 2026, easing to 3.0x by end-2027** Line chart of Fitch's projected gross leverage for Bending Spoons: 4.4x in 2025, 6.1x in 2026, 3.0x by end-2027.* *Fitch's projected gross leverage for Bending Spoons, with 2026 and end-2027 its projections. Source: Fitch via Traders Union. [5]* *Chart: **Bending Spoons paid about a tenth of the 2021 peaks for Miro and Airtable** Column chart comparing peak venture valuations with purchase prices for Miro and Airtable, both roughly a tenth of the peak.* *Bending Spoons paid about a tenth of the 2021 peaks for Miro and Airtable [7]* ## The math the credit must repeat Miro carries about $600 million of annual recurring revenue, nearly 90% from business customers, so [the price works out to roughly 2.3 times ARR, about 90% below the $17.5 billion Miro fetched in January 2022](https://theterminal.space/startups/boom-era-startups-ezcater-miro-airtable-2021-valuations) [3][7]. Subscription revenue is 93% of group revenue in 2025, which is what supports the rating [5]. ## The number that is not there yet The August 13 outlook was drawn from the August 12 perimeter and excludes Miro, so an investor buying near $47.50 is paying for guidance without the two newest acquisitions [4][1]. Italian press puts group turnover for July 2025 to June 2026 at $3.92 billion with [Airtable](https://theinference.org/markets/companies/airtable) and Miro inside, against $2.04 billion reported at June 30 [4][1]. CEO [Luca Ferrari](https://theinference.org/markets/people/luca-ferrari) [says Bending Spoons buys to own long term](https://www.news.de/pressemeldungen/860132497/pressemeldung-bending-spoons-schliesst-die-uebernahme-von-miro-ab/1/); nobody has said what the deal means for Miro's staff or its 250,000 customers [2][7]. The next earnings report is the first reading of both the rollover price and the leverage path. ## Takeaway Bending Spoons closed its $1.355 billion Miro buyout, landed a first BB rating and is marketing $1.5 billion of double-digit-yield notes, betting that subscription software bought at a tenth of 2021 prices can carry 6.1x leverage down to 3.0x. ## Sources 1. [Milano Finanza, Bending Spoons conclude l'acquisizione di Miro, 26 October 2026](https://www.milanofinanza.it/news/bending-spoons-conclude-l-acquisizione-di-miro-il-ceo-luca-ferrari-cosi-la-faremo-crescere-202610261452287932) 2. [Business Wire via news.de, Bending Spoons schließt die Übernahme von Miro ab, 26 October 2026](https://www.news.de/pressemeldungen/860132497/pressemeldung-bending-spoons-schliesst-die-uebernahme-von-miro-ab/1/) 3. [Dealroom News, Bending Spoons closes $1.355B Miro buyout, its second big workplace deal in weeks, 28 October 2026](https://dealroom.co/news/167190-bending-spoons-closes-1-355b-miro-buyout-its-second-big-workplace-deal-i/) 4. [Bullished, Bending Spoons (BSP) Closes Miro Deal, With Ex-Miro Holders Plowing $295 Million Into Its Stock, 27 October 2026](https://www.bullished.co/bending-spoons-closes-miro-deal-with-ex-miro-holders-plowing-295-million-into-its-stock-8cbcf9d4/) 5. [Traders Union, Bending Spoons secures BB rating as it plans U.S. dollar notes issuance, 28 October 2026](https://tradersunion.com/news/companies/show/3988340-bending-spoons-bb-rating-us-notes/) 6. [Bloomberg via Yahoo Finance, Bending Spoons Seeks $1.5 Billion in Debt to Fund Acquisitions, 27 October 2026](https://finance.yahoo.com/technology/articles/bending-spoons-seeks-1-5-120129201.html) 7. [The Terminal, Uber Paid Up for ezCater While Bending Spoons Paid a Tenth, 27 October 2026](https://theterminal.space/startups/boom-era-startups-ezcater-miro-airtable-2021-valuations) 8. [Quartz, Bending Spoons is proposing $1.5 billion in junk debt for acquisitions, 27 October 2026](https://qz.com/bending-spoons-1-5-billion-notes-acquisitions-102726) --- Bending Spoons closed its $1.36 billion Miro buyout and got a first BB rating as Fitch sees 6.1x leverage — The Inference. Canonical: https://theinference.org/article/bending-spoons-closed-its-1-36-billion-miro-buyout-and-got-a-first-bb-rating-as-fitch-sees-6-1x-leverage