Heartland Dental talks $660 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, June 2 – Heartland Dental LLC launched on Wednesday its $660 million incremental first-lien term loan due April 30, 2025 with price talk of Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The incremental term loan has 101 soft call protection for six months.

Jefferies LLC, KKR Capital Markets LLC, TD Securities (USA) LLC, BMO Capital Markets and Macquarie Capital (USA) Inc. are the bookrunners on the deal.

Commitments are due on June 9, the source added.

Proceeds will be used to fund the acquisition of American Dental Partners Inc.

Closing is expected this quarter, subject to customary conditions.

Heartland Dental is an Effingham, Ill.-based dental support organization. American Dental is a Wakefield, Mass.-based dental support organization.

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