Newfold Digital starts roadshow for $500 million secured notes; initial talk high-11% to 12% area

By Paul A. Harris

Portland, Ore., Oct. 12 – Newfold Digital Holdings Group, Inc. began a roadshow on Thursday for a $500 million offering of five-year senior secured notes (B2//BB-), according to market sources.

Initial guidance has the notes coming to yield in the high 11% to 12% area.

The Rule 144A and Regulation S deal is set to price during the Oct. 16 week.

The notes become subject to a first call in two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

JPMorgan is the lead bookrunner.

Of the proceeds, $400 million will go to fund a sponsor dividend, with the remainder to repay a portion of the outstanding Endurance Acquisition Merger Sub 6% senior notes due 2029.

Newfold Digital is a web technology company formed by the merger of Endurance Web Presence and web.com in 2021.

The sponsors are Siris Capital Group, LLC and Clearlake Capital Group, LP.

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