Citco Group changes surface on term loans; GoDaddy shops new term loan B

By Sara Rosenberg

New York, Oct. 19 – In the primary market on Wednesday, Citco Group increased the size of its term loan A and decreased the size of its term loan B while reducing the spread and tightening the original issue discount.

Citco Group trimmed its 5½-year term loan B to $440 million from $520 million, cut pricing to SOFR plus 350 basis points from SOFR plus 375 bps and adjusted the original issue discount to 97.5 from 97, according to a market source.

Additionally, the company raised its five-year term loan A to $355 million from $275 million, the source said.

As before, the term loan B has a 0.5% floor and 101 soft call protection for one year, and the term loan A is priced at SOFR plus 275 bps with a 0.5% floor and an original issue discount of 98.5.

And, in more happenings, GoDaddy Inc. came to market on Wednesday with a new term loan B that will replace an existing term loan B.

GoDaddy hosted a lender call at 11 a.m. ET to launch a $1.77 billion seven-year term loan B (Ba1/BB) talked at SOFR plus 325 bps with a 0% floor, an original issue discount of 97.5 and 101 soft call protection for six months, market sources remarked.

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