Dodge Construction Network wraps $455M 1st-lien, $130M 2nd-lien loans; terms

Dodge Construction Network has completed syndication of the $455 million first-lien and $130 million second-lien covenant-lite term loans backing a recapitalization of the company by Clearlake Capital Group and Symphony Technology Group, according to sources. Pricing for the seven-year first-lien term loan was finalized wide of talk at a spread of 475 basis points over the secured overnight financing rate plus a credit spread adjustment, with a 0.50% floor and an original issue discount of 98.5. The eight-year second-lien term loan priced at the wide end of talk at a spread of 825 bps over Sofr, plus a CSA, with a 0.50% floor and an OID of 98.5. Note that the CSA for both tranches was revised from a flat 10 bps to a curve, and proposed pricing step-downs were removed. Also, the soft call coverage on the first-lien tranche was extended to 12 months, from six months, and there were a number of documentation changes pertaining to the incremental facility and MFN protection, the excess cash flow sweep, and EBITDA add-backs, among other things. Deutsche Bank was left lead on the first-lien tranche and UBS was left lead on the second-lien. Dodge Construction Network, based in Hamilton, N.J., is an independent data platform supporting the U.S. commercial construction industry.

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