Dodge Construction sets talk on first- and second-lien term loans

By Sara Rosenberg

New York, Jan. 25 – Dodge Construction Network (Dodge Data & Analytics LLC) released price talk on its $455 million seven-year covenant-lite first-lien term loan (B2/B-) and $130 million eight-year covenant-lite second-lien term loan (Caa2/CCC) with its lender call on Tuesday, according to a market source.

Price talk on the first-lien term loan is SOFR+10 basis points CSA plus 450 bps to 475 bps with a 0.5% floor and an original issue discount of 99, and talk on the second-lien term loan is SOFR+10 bps CSA plus 800 bps to 825 bps with a 0.5% floor and a discount of 98.5, 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 at 5 p.m. ET on Feb. 8.

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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