Smile Brands Group to launch $275 million credit facility on Tuesday

By Sara Rosenberg

New York, Nov. 15 - Smile Brands Group Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $275 million senior secured credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $35 million revolver and a $240 million term loan, with both tranches talked at Libor plus 500 basis points with a 1.75% Libor floor and an original issue discount of 981/2, the source said.

Proceeds will be used to help fund Welsh, Carson, Anderson & Stowe's purchase of a majority interest in the company from Freeman Spogli & Co., who will remain as a minority investor.

The transaction is expected to close in December.

Smile Brands is an Irvine, Calif.-based dental support services organization.

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