Moody’s gives Aspen Dental loans B1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to ADMI Corp., the direct parent of Aspen Dental Management, Inc.

The agency also assigned a B1 (LGD 3) rating to the company's proposed first-lien senior secured credit facilities, including a $35 million revolving credit facility and $380 million term loan.

The outlook is stable.

Proceeds from the term loan, a $150 million privately-placed senior unsecured note offering (unrated) and contribution of common equity will fund the acquisition of a majority ownership in the company by American Securities, refinance existing debt and pay transaction fees and expenses.

As part of the transaction, American Securities and existing investors, including Ares Capital, Leonard Green Partners and management, will contribute roughly $597 million of common equity, representing about 53% of the company's total capitalization.

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