GoDaddy modifies term loan B OID on good investor demand; secondary generally unchanged

By Sara Rosenberg

New York, Oct. 20 – In the primary market on Thursday, GoDaddy Inc. revised the original issue discount on its term loan B as the deal has been well received ahead of its commitment deadline.

Meanwhile, the secondary market was “flattish” and a “boring lackluster market,” according to one trader, with another source remarking that there were “not many catalysts for increased flow” during the session.

GoDaddy tweaked

GoDaddy adjusted the original issue discount on its $1.77 billion seven-year term loan B (Ba1/BB) to 98 from 97.5, a market source said.

As before, the term loan is priced at SOFR plus 325 basis points with a 0% floor and no CSA, and has 101 soft call protection for six months.

Commitments continue to be due at 11 a.m. ET on Friday, the source added.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing $1.77 billion term loan B due 2024 priced at Libor plus 175 bps with a 0% Libor floor.

GoDaddy is Tempe, Ariz.-based provider of web hosting and domain names.

Fund flows

In other news, actively managed loan fund flows on Wednesday were negative $205 million and loan ETFs were positive $134 million, according to market sources.

The tracking estimate for Thursday night’s weekly Lipper numbers for loans are outflows totaling $745 million, sources added.

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