Sept. 14 (Bloomberg) -- Go Daddy Group Inc., the website registration and hosting company being acquired by KKR & Co., Silver Lake Partners and Technology Crossover Ventures, set the rate on a $750 million term loan to finance the buyout, according to a person with knowledge of the matter.
The seven-year debt will pay 5.5 percentage points to 5.75 percentage points more than the London interbank offered rate and the lending benchmark will have a 1.25 percent floor, said the person who declined to be identified because the terms are private.
Go Daddy, based in Scottsdale, Arizona, may sell the debt at 96 cents on the dollar, the person said, reducing proceeds for the borrower and boosting the yield for investors.
Barclays Bank Plc, Deutsche Bank AG, Royal Bank of Canada, KKR and Goldman Sachs Group Inc. are arranging the loans, and lenders must let the banks know by Sept. 22 if they will participate in the deal.
The transaction includes a $75 million revolving line of credit that comes due in five years, the person said.
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