Endurance International Group Completes Debt Refinancing, Pays Off $315 Million Second Lien Facility
November 26 2013 - 4:55PM
Endurance International Group Holdings, Inc. (Nasdaq:EIGI), a
leading provider of cloud-based platform solutions designed to help
small and medium-sized businesses succeed online, today 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.
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.
About Endurance International Group
Endurance International Group is a leading provider of
cloud-based platform solutions designed to help small and
medium-sized businesses succeed online. Less than 20 years
old, Endurance serves over 3.4 million subscribers through a family
of brands that includes Bluehost, HostGator, Domain.com, FatCow,
iPower and iPage. Endurance is headquartered in Burlington,
Massachusetts, has a presence in Asia and the Americas, and employs
approximately 2,500 people. Endurance provides a comprehensive
suite of over 150 products and services that includes web presence
and mobile sites, email and e-commerce solutions, as well as more
advanced offerings, such as SEO services, scalable computing,
security, storage and backup, online marketing and productivity
solutions.
Endurance International Group and the compass logo are
trademarks of The Endurance International Group, Inc. Other
brand names of Endurance International are trademarks of The
Endurance International Group, Inc. or its subsidiaries.
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about the expected impact of our
refinancing and the payoff of our second lien debt. Actual
results may differ materially from our expectations as a result of
various important factors. For additional discussion of these and
other factors, please refer to our filings with the Securities and
Exchange Commission. Any forward-looking statements represent our
views only as of today and we do not assume any obligation to
update such statements.
CONTACT: Investor Contact:
Blake Cunneen
Endurance International Group
ir@endurance.com
Media Contact:
press@enduranceinternational.com
Dani LaSalvia
Endurance International Group
P: 781.852.3212
dlasalvia@maileig.com
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