Published on 2/22/2021 in the Prospect News High Yield Daily.
New Issue: Go Daddy prices $800 million eight-year notes at par to yield 3˝%
By Paul A. Harris
Portland, Ore., Feb. 22 – GoDaddy Inc. priced an $800 million issue of eight-year senior notes (Ba3/BB-) at par to yield 3˝% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 3˝% area. Initial guidance was in the mid-to-high 3% area.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Barclays, BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., RBC Capital Markets LLC, SG Americas Securities LLC and Wells Fargo Securities LLC.
The notes were sold via Go Daddy Operating Co., LLC and GD Finance Co, Inc.
The Scottsdale, Ariz.-based internet domain registrar and web hosting company plans to use the proceeds for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions and strategic transactions.
| Issuers: | Go Daddy Operating Co., LLC and GD Finance Co, Inc.
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| Amount: | $800 million
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| Maturity: | March 1, 2029
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., RBC Capital Markets LLC, SG Americas Securities LLC and Wells Fargo Securities LLC
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| Coupon: | 3˝%
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| Price: | Par
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| Yield: | 3˝%
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| Spread: | 238 bps
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| Call protection: | Three years
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| Trade date: | Feb. 22
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| Settlement date: | Feb. 25
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| Ratings: | Moody’s: Ba3
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 3˝% area
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| Marketing: | Drive-by
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