Western Dental launches $145 million add-on term loan B at 99 OID

By Sara Rosenberg

New York, Dec. 6 – Western Dental Services launched on Thursday its fungible $145 million add-on term loan B due June 30, 2023 with original issue discount talk of 99, according to a market source.

Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, which matches existing term loan pricing, the source said.

The debt has a maximum total net leverage ratio covenant of 6.25 times with step-downs.

RBC Capital Markets, Deutsche Bank Securities Inc. and BMO Capital Markets are the bookrunners on the deal.

Commitments are due at noon ET on Dec. 14.

Proceeds will be used to fund the acquisition of Access Dental Services and South Texas Dental.

Western Dental, a portfolio company of New Mountain Capital, is an Orange, Calif.-based dental services organization.

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