Aspen Dental launches $370 million facility at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 11 - Aspen Dental Management Inc. launched on Tuesday its $370 million credit facility (B) with price talk of Libor plus 475 basis points, according to a market source.

The facility consists of a $40 million five-year revolver and a $330 million six-year covenant-light term loan B.

Included in the revolver is a 50 bps undrawn fee, a 100 bps upfront fee and a springing leverage covenant when it is drawn or greater than $15 million of letters-of-credit are outstanding.

The term loan has a 1% Libor floor, an original issue discount of 991/2, 101 soft call protection for six months and amortization of 1% per annum, the source continued.

GE Capital Markets, Jefferies Finance LLC and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Commitments are due on Feb. 24, the source added.

Aspen Dental is an East Syracuse, N.Y.-based provider of denture and dental care services.

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