Squarespace Lines up Private Credit Financing for Take-Private Deal

May 15, 2024

Source: Pitchbook

Website-building platform Squarespace has lined up $2.65 billion in private credit financing to support its $6.9 billion all-cash take-private by Permira.

Blackstone Credit & Insurance is lead left arranger and Blue Owl Capital and Ares Capital Corp. are joint lead arrangers on the transaction financing, according to a May 13 company statement.

Pricing on the credit facility is S+500, with an OID of 99, according to market sources. The facility includes a term loan, a delayed-draw term loan and a revolving credit facility.

Existing investors General Atlantic and Accel will re-invest in the private company, as will CEO Anthony Casalena. The trio of investors represent approximately 90% of Squarespace’s voting shares.

Based in New York City, Squarespace (NYSE: SQSP) is a web design platform offering domains, ecommerce and marketing services.