JACKSONVILLE, Fla., May 18, 2017 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WEB), a leading provider of Internet services and online marketing solutions for small businesses, today announced it has increased its existing term loan by $50 million and added $110 million of additional capacity to its current revolving credit facility. As of closing, these changes to its existing credit facilities did not increase the Company’s outstanding debt from the end of the first quarter of 2017. Web.com used the proceeds from the increased borrowing on the term loan to repay its current revolver balance.

“We are pleased with the upsizing of both our term loan and revolver. These changes, along with our strong free cash flow, give us additional flexibility and options to address our future debt maturity. The enhancements to our capital structure also speak to the strength of our business, and the increased liquidity enables us to continue our balanced approach to capital deployment,” said David L. Brown, chairman, chief executive officer, and president of Web.com.

As of May 18, the term loan has a balance of $430.3 million, and the revolver balance is zero with total availability of $260 million. 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.

About Web.com

Web.com Group, Inc. (NASDAQ:WEB) is a global provider of a full range of Internet services to small businesses to help them compete and succeed online. Web.com meets the needs of small businesses anywhere along their lifecycle with affordable, subscription-based solutions including domains, hosting, website design and management, search engine optimization, online marketing campaigns, local sales leads, social media, mobile products and eCommerce solutions. For more information, please visit www.web.com; follow Web.com on Twitter @webdotcom or on Facebook at facebook.com/web.com