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S&P rates Go Daddy loan BB-
S&P said it assigned a BB- rating and 3 recovery rating to Go Daddy Operating Co. LLC's proposed $2.7 billion credit facility, comprising a $200 million first-lien revolver and $2.5 billion first-lien term loan.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The proceeds will be used by the company to retire its existing secured debt of about $1.1 billion, S&P said, and use the remainder to fund the acquisition of Host Europe Group.
The revolver will be undrawn at the close of the transaction.
The new debt will not materially affect leverage, S&P explained.
The company’s BB- corporate credit rating and negative outlook also are unchanged.
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