Aspen Dental cuts spread on $700 million loan to Libor plus 375 bps

By Sara Rosenberg

New York, June 22 – Aspen Dental Management Inc. reduced pricing on its non-fungible $700 million incremental term loan (B2/B) to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

Also, the pricing steps on the term loan were defined as two 25 bps pricing step-downs at 0.5x and 1x inside closing first-lien net leverage, and the original issue discount was tightened to 99.5 from 99, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

RBC Capital Markets is the lead on the deal.

Commitments continued to be due at 1 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund a shareholder distribution.

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

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