Aspen Dental launches term loan repricing, $50 million add-on

By Sara Rosenberg

New York, Jan. 28 – Aspen Dental Management Inc. launched on its lender call on Tuesday a repricing of its existing $857 million term loan and a $50 million add-on term loan, according to a market source.

The term loan debt is talked at Libor plus 250 basis points with a step-up to Libor plus 275 bps at 4.75x first-lien net leverage and a 0% Libor floor, the source said.

The add-on term loan is talked with an original issue discount of 99.75.

Also, the term loan debt is getting 101 soft call protection for six months.

RBC Capital Markets is the lead bank on the deal.

Commitments are due on Feb. 4, the source added.

The repricing will take the existing term loan down from Libor plus 275 bps with a step-up to Libor plus 300 bps at 4.75x first-lien net leverage, and the add-on will be used to fund a dividend.

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

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