Heartland Dental lifts term loan to $870 million, revises OID to 99.5

By Sara Rosenberg

New York, June 10 – Heartland Dental LLC upsized its incremental first-lien term loan due April 30, 2025 to $870 million from $660 million and tightened the original issue discount to 99.5 from 99, according to a market source.

Pricing on the incremental term loan remained at Libor plus 400 basis points with a 0% Libor floor.

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.

Proceeds will be used to fund the acquisition of American Dental Partners Inc., and funds from the upsizing will be used to add cash to the balance sheet and refinance a 2019 incremental term loan.

Closing on the acquisition 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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