Aspen Dental raises term loan to $400 million, lowers pricing

By Sara Rosenberg

New York, April 22 – Aspen Dental Management Inc. upsized its covenant-light term loan to $400 million from $380 million and reduced pricing to Libor plus 450 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 99˝ from 99, the 101 soft call protection was extended to one year from six months and the MFN sunset was removed, the source said.

The term loan still has a 1% Libor floor.

The company’s now $435 million credit facility, up from $415 million, also includes a $35 million revolver.

RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc. and GE Capital Markets are the leads on the deal.

Proceeds will be used to help fund the recapitalization of the company by American Securities LLC, in partnership with current owners, Ares Management LP and Leonard Green & Partners LP, and management.

Other funds for the transaction will come from privately placed unsecured debt.

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

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