FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Credit Suisse, Endurance International Group Complete Debt Refinancing

November 27, 2013, 07:21 AM
Filed Under: Technology

Endurance International Group Holdings, Inc., a provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, announced the successful refinancing and expansion of its first lien term loan facility and the repayment in full of its $315 million second lien term loan facility. The company repaid the second lien facility using cash on hand and proceeds from its recently completed initial public offering and its expanded first lien facility.

An SEC filing dated Nov. 26 indicates that Credit Suisse served as agent in the refinancing. To view the filing, click here.

As a result of the refinancing and the payoff of the second lien facility, Endurance now has a single tranche of term debt, consisting of first lien debt of $1,050 million. In addition, the company reset pricing on its first lien facility, which, when combined with the payoff of the second lien facility, will significantly reduce its annual interest expense. The reduction in second lien debt exceeded the company's original estimate of $100 million (plus fees) disclosed during the IPO process.

Hari Ravichandran, Endurance International Group's CEO and Founder, commented, "We are very pleased with the completion of this refinancing – particularly the fact that we paid down more of our second lien debt than we initially indicated. This refinancing allows us to drive our growth strategy and continue to enhance long-term value for our shareholders."

Endurance also increased its revolving loan facility by $40 million to $125 million, none of which is currently drawn down.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.