Endurance to sell $640 million eight-year notes on Wednesday for LBO

By Paul A. Harris

Portland, Ore., Jan. 25 – A roadshow began Monday for a $640 million offering of eight-year senior notes backing the leveraged buyout of Endurance International Group Holdings Inc. by Clearlake Capital, according to market sources.

Initial guidance has the notes coming to yield in the 7% area, a trader said.

The Rule 144A and Regulation S deal was scheduled to kick off on a late Monday morning conference call with investors and is set to price on Wednesday.

BofA Securities Inc. is the left bookrunner. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Barclays, BNP Paribas Securities Corp., Mizuho Securities USA Inc., RBC Capital Markets Corp., Credit Suisse Securities (USA) LLC and Jefferies LLC are joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

Financing for the buyout also includes a new bank loan and equity.

Prior to the closing of the acquisition, the issuing entity will be Endurance Acquisition Merger Sub. Subsequent to the closing, the issuer will be Endurance International Group Holdings.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions for business.

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