Endurance plans $2.03 billion credit facilities, $470 million notes

By Sara Rosenberg

New York, Dec. 1 – Endurance International Group Holdings Inc. has received a commitment for $2.03 billion of senior secured credit facilities and plans to issue $470 million of senior unsecured notes to help fund its acquisition by Clearlake Capital Group LP, according to a PREM14A filed with the Securities and Exchange Commission on Tuesday.

The credit facilities consist of a $200 million revolver and a $1.83 billion first-lien term loan.

Backing the notes is a commitment for an up to $470 million senior unsecured bridge facility.

J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc. and UBS Investment Bank are the joint lead arrangers and joint bookrunners on the debt financing. JPMorgan is the administrative agent on the credit facilities and BofA Securities is the administrative agent on the bridge facility.

Other funds for the transaction will come from $980 million of equity.

Under the agreement, Endurance is being bought for $9.50 per share in cash. The transaction is valued at about $3 billion, including outstanding debt.

Closing is expected in the first quarter of 2021, subject to approval by Endurance shareholders and customary conditions.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions designed to help small and medium-size businesses succeed online.

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