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Aspen Dental launches $127.4 million term B at Libor plus 525-550 bps
By Sara Rosenberg
New York, Feb. 16 - Aspen Dental Management Inc. launched its $127.4 million term loan B due Oct. 6, 2016 on Thursday with price talk of Libor plus 525 basis points to 550 bps with a 1.5% Libor floor and an original issue discount of 981/2, according to a market source.
Amortization is 1% per annum, with the remainder due at maturity.
Security is a first-priority lien on substantially all of the company's assets.
Commitments are due on March 1.
UBS Securities LLC and GE Capital Markets are the lead banks on the deal, with UBS the left lead.
Proceeds from the new term loan will be used to fund a dividend.
In addition, the company is looking to amend its existing credit facility to increase the incurrence basket to $127.4 million for additional term loans and increase borrowing capacity under the existing revolver by $15 million.
Aspen Dental is an East Syracuse, N.Y.-based provider of denture and dental care services.
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