Web.com Group, Inc.
WWWW (the "Company"), a leading provider of internet services and
online marketing solutions for small businesses, today announced that it plans
to amend, increase and re-price its First Lien Credit Facility and use the
proceeds of such increase to repay the remaining balance of its Second Lien
Term Loan. A lender conference call with the Company, together with J.P.
Morgan Securities LLC, Deutsche Bank Securities Inc., SunTrust Robinson
Humphrey, Inc., Goldman Sachs Lending Partners, Citigroup Global Markets Inc.
and Wells Fargo Securities, LLC, as joint lead arrangers and joint
bookrunners, is scheduled for Wednesday, February 13, 2013 at 10:30 a.m. EST.
The Company will seek improved terms on its First Lien Term Loan, which has a
current interest rate of LIBOR (London Interbank Offered Rate) plus 4.25%,
with a LIBOR floor of 1.25%, and a balance of approximately $628 million at
December 31, 2012. The Company will seek to increase the size of the First
Lien Term Loan to $660 million to repay in full the remaining balance of the
Second Lien Term Loan, which was approximately $32 million at December 31,
2012. The Company also expects that its Revolving Credit Facility, which
currently has an interest rate of LIBOR plus 3.75% (with no LIBOR floor), will
be increased by $10 million and amended to reflect reduced pricing.
Since the Network Solutions acquisition in October 2011, the Company has
reduced its debt balance by $70 million.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in