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Groundworks flexes $965 million of term loans to SOFR plus 350 bps
By Sara Rosenberg
New York, March 6 – Groundworks reduced pricing on its $815 million seven-year first-lien term loan and $150 million delayed-draw term loan to SOFR plus 350 basis points from talk in the range of SOFR plus 375 bps to 400 bps, according to a market source.
The term loan debt still has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.
Delayed-draw term loan availability is 24 months.
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.
Recommitments were scheduled to be due at noon ET on Wednesday, 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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