Moody's rates Aspen Dental loan B2

Moody's Investors Service said it assigned a B2 rating to the proposed $230 million first-lien senior secured credit facility of ADMI Acquisitions LLC, a newly formed entity to facilitate the acquisition of AA Dental Management Holdings, LLC.

Upon consummation of the acquisition, Aspen Dental Management, Inc. will become the borrower of the new credit facility, the agency said, adding that there are no changes to the B2 corporate family or probability of default ratings, or the stable outlook.

Concurrently, the agency said it will withdraw the previously assigned instrument ratings as the proposed capital structure has changed.

The proposed credit facility will be used in part to finance the acquisition of Aspen by Leonard Green & Partners, LP from the current equity sponsor, Ares Management LLC for $547.5 million, Moody's said.

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