GoDaddy Inc. Completes Refinancing of Tranche B-2 Term Loans and Revolving Credit Facility
TEMPE, Arizona., November 10, 2022 /PRNewswire/ — GoDaddy Inc. (NYSE: GDDY) Go Daddy Operating Company, LLC and GD Finance Co, LLC, (each a subsidiary of GoDaddy Inc., and together, the “Borrowers”) have completed the refinancing of the credit agreement announced on October 21, 2022. In connection with the closing, the Borrowers have entered into a sixth amendment (the “Sixth Amendment”) to the Second Amended and Restated Credit Agreement, dated February 15, 2017 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrowers, certain other GoDaddy Affiliates, Royal Bank of Canada as successor administrative agent, collateral agent, Swingline lender and letter of credit issuer and the other parties thereto. Terms used but not defined in this press release are as defined in the Credit Agreement and as amended by the Sixth Amendment filed with the Securities and Exchange Commission.
The Sixth Amendment provides (i) a new $1,770 million tranche of term loans maturing in 2029 (the “Replacement Term Loans”), the proceeds of which were used to refinance all outstanding tranche B-2 term loans, and (ii) a new facility revolving credit of $1 trillion maturing in 2027, which replaced the existing revolving commitments of the Borrowers of $600 million. The amortization rate for the replacement term loans is 1.00% per annum and the first installment is payable on March 31, 2023. The initial applicable margin is (i) 3.25% for Replacement Term Loans which are Secured Overnight Funding Rate (“SOFR”) loans, (ii) 2.25% for replacement term which are ABR loans, (iii) 1.50% for these new revolving commitments for loans which are SOFR loans and (iv) 0.50% for these new revolving commitments for loans which are ABR loans .
The Sixth Amendment also amended the Credit Agreement to provide that the senior secured consolidated leverage ratio compliance period of certain of the Company’s subsidiaries occurs when at least 40% of the revolving facility, as opposed to the previous level of use. at least 20%.
GoDaddy helps millions of entrepreneurs around the world start, grow, and scale their businesses. People come to GoDaddy to name their idea, create a professional website, attract customers, sell their products and services, and accept payments online and in person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place, and its expert guides are available to provide 24/7 support. To learn more about the company, visit www.GoDaddy.com.
Source: GoDaddy Inc.
SOURCE GoDaddy Inc.