Groundworks shops $965 million of term loans at SOFR plus 375-400 bps

By Sara Rosenberg

New York, Feb. 27 – Groundworks is talking its $815 million seven-year first-lien term loan and $150 million delayed-draw term loan with 24-month availability at SOFR plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 99, according to a market source.

The term loan debt has 101 soft call protection for six months, the source said.

The company’s $1.03 billion of credit facilities (B3/B) also include a $65 million five-year revolver.

KKR Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC, Morgan Stanley Senior Funding Inc., Capital One and Natixis are the lead arrangers on the deal that launched with a call on Monday.

Commitments are due at 5 p.m. ET on March 6, the source added.

Proceeds will be used to refinance existing credit facilities.

Groundworks is a Virginia Beach, Va.-based foundation repair and water management solutions provider.

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