Aspen Dental launches $870 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, March 27 – Aspen Dental Management Inc. launched on Tuesday its $870 million seven-year covenant-light term loan B with price talk of Libor plus 325 basis points with one step-down, a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $945 million of senior secured credit facilities also include a $75 million five-year revolver.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, BMO Capital Markets, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on April 5, the source added.

Proceeds will be used to refinance the company’s capital structure.

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

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