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4-Traders Homepage  >  Equities  >  Nasdaq  >  Web.com Group Inc    WEB

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WEB.COM GROUP, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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05/19/2017 | 04:16pm CEST

Item 1.01. Entry into a Material Definitive Agreement.

On May 18, 2017, Web.com Group, Inc. (referred to as "Web.com" or "the Company") entered into Amendment No. 2 to its Credit Agreement with its existing lenders and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. The amendment increased the Company's existing term loan by $50.0 million and added $110.0 million of additional capacity to its current revolving credit facility. This amendment to its existing credit facilities did not increase the Company's outstanding debt from the end of the first quarter of 2017. The maturity and current interest rate, LIBOR, plus 2.25%, of both facilities remain unchanged. The Company incurred customary one-time costs associated with this transaction.

Web.com used the proceeds from the increased borrowing on the term loan to repay its current revolver balance. As of May 18, 2017, the balance of the Company's term loan is $430.3 million, and the revolver balance is zero, with total availability of $260.0 million.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 above, which is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

        Press Release, dated May 18, 2017, entitled "Web.com Announces the
        Expansion and Amendment of Existing Term Loan and Revolving Credit
 99.1   Facility."






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© Edgar Online, source Glimpses

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