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Moody's rates Heartland loans B1, Caa1
Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Heartland Dental Care, LLC.
At the same time, Moody's assigned a B1 rating to the company's proposed first-lien senior secured credit facilities, including a $450 million term loan and a $100 million revolving credit facility.
Moody's also assigned a Caa1 rating to the company's proposed $200 million second-lien senior secured term loan.
The outlook is stable.
The proceeds from the senior secured credit facilities will be used, along with an additional equity contribution, to finance the acquisition of Heartland by Ontario Teachers' Pension Plan Board.
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