Dodge Construction to launch $585 million of term loans on Tuesday

By Sara Rosenberg

New York, Jan. 21 – Dodge Construction Network (Dodge Data & Analytics LLC) is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch $585 million of term loans, according to a market source.

The debt consists of a $455 million seven-year covenant-lite first-lien term loan and a $130 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., UBS Investment Bank, Wells Fargo Securities LLC, BMO Capital Markets and RBC Capital Markets are the bookrunners on the first-lien term loan, with Deutsche the left lead. UBS and Deutsche are the bookrunners on the second-lien term loan, with UBS the left lead.

Commitments are due on Feb. 8, the source added.

Proceeds will be used to help fund a recapitalization in connection with a significant new equity investment from Clearlake Capital Group LP.

At closing, Clearlake will be an equal partner with the company’s existing investor, Symphony Technology Group.

Dodge Construction is a Hamilton, N.J.-based data platform supporting the commercial construction industry.

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