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Research Update: Endurance International Group's $185M Incremental Term Loan Rated 'B' (Recovery Rating: 3) Mar 12 Product Image

Research Update: Endurance International Group's $185M Incremental Term Loan Rated 'B' (Recovery Rating: 3) Mar 12

  • Published: March 2012
  • Region: Global
  • Standard & Poors

Abstract
U.S. Web developer and service provider Endurance International has issued a $185 million incremental first-lien term loan and adding on $20 million to its revolving credit facility due 2014. The company intends to use proceeds to redeem existing preferred stock, which we treated analytically as debt, and for future acquisitions, with a minimal resulting increase in leverage. We are assigning the incremental term loan our 'B' issue rating with a recovery rating of '3', and affirming our 'B' rating on the company's revolver following the add-on. The stable rating outlook reflects our view that Endurance will generate good free operating cash flow through 2012. On March 26,2012, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Burlington,...

Companies mentioned in this report are:
- Endurance International Group Inc.

Action: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit READ MORE >

- Endurance International Group Inc.

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