GoDaddy adds spread step-down, frees to trade; Madison IAQ dips with downgrade

By Sara Rosenberg

New York, Oct. 21 – GoDaddy Inc. added a pricing step-down to its term loan B and then the debt made its way into the secondary market on Friday, with levels quoted above its original issue discount.

GoDaddy added a 25 basis points pricing step-down at 1.45x net first-lien leverage to its $1.77 billion seven-year term loan B-5 (Ba1/BB) on Friday morning, a market source said.

Pricing on the term loan remained at SOFR plus 325 bps with a 0% floor and an original issue discount of 98.

As before, the term loan has 101 soft call protection for six months, amortization of 1% per annum and no CSA.

Earlier in syndication, the discount on the term loan was tightened from 97.5.

Also, Madison IAQ LLC’s term loan headed lower in trading following a ratings downgrade by Moody’s Investors Service, while GenesisCare’s (Genesis Care Pty Ltd.) term loan was unchanged on the day after its downgrade by S&P Global Ratings.

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