Aspen Dental firms $175 million add-on term loan B issue price at par

By Sara Rosenberg

New York, March 6 – Aspen Dental (ADMI Corp.) set the issue price on its fungible $175 million add-on term loan B due April 30, 2022 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the add-on term loan is Libor plus 375 basis points with a 25 bps step-down at less than 3.15 times first-lien net leverage and a 1% Libor floor.

Earlier in syndication, the spread on the add-on loan was reduced from Libor plus 425 bps and the company added a repricing request of its existing term loan B to Libor plus 375 bps with a 1% Libor floor from Libor plus 425 bps with a 1% Libor floor.

The repriced loan is being issued at par.

All of the term loan B debt is getting 101 soft call protection for six months.

RBC Capital Markets LLC is the lead arranger and bookrunner on the deal.

Proceeds from the add-on loan will be used to fund a dividend.

American Securities is the sponsor.

With this transaction, existing lenders are being offered a 25 bps amendment fee.

Including the add-on, the term loan B will total $619 million.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

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