Endurance talks $640 million eight-year notes to yield 6¼%-6½%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 27 – Dealers set price talk in the $640 million offering of eight-year senior notes backing the leveraged buyout of Endurance International Group Holdings Inc. by Clearlake Capital, according to market sources.

Official talk has the notes coming to yield 6¼% to 6½%, deep inside of initial guidance in the 7% area.

Books close at noon ET on Wednesday.

BofA Securities Inc. is the left bookrunner. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Barclays, BNP Paribas Securities Corp., Mizuho Securities USA Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC and Jefferies LLC are joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.

Financing for the buyout also includes a new bank loan and equity.

Prior to the closing of the acquisition, the issuing entity will be Endurance Acquisition Merger Sub. Subsequent to the closing, the issuer will be Endurance International Group Holdings.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions for business.

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