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Moody's gives Heartland Dental loan B2
Moody's Investors Service said it assigned Heartland Dental, LLC’s new $870 million senior secured incremental first-lien term loan a B2 rating.
There is no change to Heartland Dental's other ratings, the agency said, including its B2 rating on the first-lien senior secured debt and Caa2 rating on its unsecured notes.
Proceeds will be used to fund the acquisition of American Dental Partners, Inc. for $660 million, refinance $150 million of higher-cost first-lien debt and add $60 million cash to the balance sheet.
The outlook is unchanged at stable.
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