Endurance International Group Announces Completion of Credit Agreement Refinancing
June 14 2017 - 4:05PM
Endurance International Group Holdings, Inc. (“Endurance” or the
“Company”) (NASDAQ:EIGI), a leading provider of cloud-based
platform solutions designed to help small and medium-sized
businesses succeed online, today announced that it has completed
its previously announced refinancing of the Company’s outstanding
$716.625 million term loans due November 2019 (the “2019 Term
Loans”) and $980.625 million incremental term loans due February
2023 (the “2023 Term Loans”). The $1,697 million refinancing
first-lien term loans due February 2023 (the “Refinancing Term
Loans”) were used to repay the 2019 Term Loans and the 2023 Term
Loans.
The Refinancing Term Loans are priced at an interest rate of
LIBOR + 400, which is 148 basis points lower than the pricing of
the 2019 Term Loans and 100 basis points lower than the pricing of
the 2023 Term Loans. The Company expects to reduce its cash
interest expense by approximately $22 million on an annual basis as
a result of this refinancing.
The Refinancing Term Loans are subject to the same maximum
senior secured net leverage covenant as the 2019 Term Loans and the
2023 Term Loans. The Refinancing Term Loans will mature on
February 9, 2023, extending the maturity of the 2019 Term
Loans.
Cautionary statement concerning forward-looking
information
This press release includes certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements about the expected impact of the refinancing
on the Company’s cash interest expense. These forward-looking
statements include, but are not limited to, plans, objectives,
expectations and intentions and other statements contained in this
press release that are not historical facts, and statements
identified by words such as “will” and variations of such word or
words of similar meaning and the use of future dates. These
forward-looking statements reflect our current views about our
plans, intentions, expectations and strategies, which are based on
the information currently available to us and on assumptions we
have made. Although we believe that our plans, intentions,
expectations and strategies as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that these plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a variety of risks and factors that are
beyond our control including, without limitation, risks and
uncertainties discussed in Endurance’s filings with the U.S.
Securities and Exchange Commission (the “SEC”), including the “Risk
Factors” sections of Endurance’s most recent Quarterly Report on
Form 10-Q for the period ended March 31, 2017 and most recent
Annual Report on Form 10-K for the year ended December 31,
2016. You can obtain copies of Endurance’s filings with the
SEC for free at the SEC’s website (www.sec.gov). Endurance
does not assume any obligation to update any forward-looking
statements contained in this document as a result of new
information, future events or otherwise.
About Endurance International
GroupEndurance International Group Holdings, Inc.
(NASDAQ:EIGI) (em)Powers millions of small businesses worldwide
with products and technology to vitalize their online web presence,
email marketing, mobile business solutions, and more. The Endurance
family of brands includes: Constant Contact, Bluehost, HostGator,
iPage, Domain.com, BigRock, SiteBuilder and SinglePlatform, among
others. Headquartered in Burlington, Massachusetts, Endurance
employs more than 4,000 people across the United States, Brazil,
India and the Netherlands. For more information, visit:
www.endurance.com.
Endurance International Group and the compass logo are
trademarks of The Endurance International Group, Inc.
Constant Contact, the Constant Contact logo and other brand names
of Endurance International Group are trademarks of The Endurance
International Group, Inc. or its subsidiaries.
Endurance Investor Contact:
Angela White
Endurance International Group
(781) 852-3450
ir@endurance.com
Endurance Press Contact:
Lark-Marie Antón
Endurance International Group
(646) 887-7272
press@endurance.com
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