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Endurance International tightens OID on $90 million term loan to 99¾
By Sara Rosenberg
New York, Aug. 8 - Endurance International Group (EIG Investors Corp.) changed the original issue discount on its $90 million first-lien tack-on term loan due November 2019 to 99¾ from talk of 99 to 991/2, according to a market source.
The tack-on is priced at Libor plus 500 basis points with a 1.25% Libor floor, which is in line with existing term loan pricing, and has 101 soft call protection through November 2013.
Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the lead banks on the deal.
Proceeds will be used for general corporate purposes and/or potential tuck-in acquisitions, the source added.
Endurance is a Burlington, Mass.-based provider of web hosting and online services.
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