Aspen Dental lifts add-on term loan to $50 million, sets new money OID

By Sara Rosenberg

New York, May 27 – Aspen Dental Management Inc. upsized its add-on term loan B to $50 million from $45 million and firmed the original issue discount on new money at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the add-on term loan, as well as on the repricing of the company’s existing roughly $397 million term loan B, remained at Libor plus 425 basis points with a 1% Libor floor, and, as before, existing money is being offered a par issue price.

The add-on and repriced term loan still have 101 soft call protection for six months.

RBC Capital Markets LLC is the lead bank on the deal.

Proceeds from the add-on term loan will be used to fund a dividend, and the repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Allocations are expected on Tuesday, the source added.

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

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