- Language: English
- Published: March 2012
- Region: Global
Research Update: Endurance International Group's $185M Incremental Term Loan Rated 'B' (Recovery Rating: 3) Mar 12
- ID: 2092253
- March 2012
- Region: Global
- Standard & Poors
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: 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 rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.