Dentsply Sirona to repay revolver borrowings with new notes’ proceeds

By Rebecca Melvin

New York, May 20 – Dentsply Sirona Inc. said it plans to repay $296 million of its 4.125% senior notes due 2021 and borrowings under its 2018 revolving credit facility with proceeds of new fixed-rate senior notes (Baa2/BBB), according a 424B5 filing with the Securities and Exchange Commission.

The 2021 notes bear mature on Aug. 15, 2021.

As of March 31, Dentsply Sirona had $700 million of borrowings outstanding under its revolver, which bear interest at the rate of adjusted Libor plus 125 basis points.

The revolver matures on July 28, 2024. The $700 million was drawn as a precautionary measure to provide additional liquidity and financial flexibility amid economic conditions and uncertainties arising in connection with the Covid-19 pandemic.

The new notes are being sold via Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as the bookrunners.

Dentsply is a York, Pa., dental products manufacturer.

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