S&P assigns Endurance notes CCC+

S&P said it assigned CCC+ issue-level and 6 recovery ratings to Endurance International Group Holdings Inc.’s planned $640 million of senior unsecured notes due 2029. The 6 recovery rating indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery for noteholders in default.

“Our rating on Endurance reflects our expectation that Endurance’s merger with Web.com will improve business diversity and expand customer base while increasing initial pro forma leverage to the low 7x area at close. We expect leverage to fall to the high-6X area by the end of 2021 from cost synergies from combining the two businesses,” S&P said in a press release.

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