S&P rates Heartland Dental loan B-

S&P said it gave B- issue and 3 recovery ratings to Heartland Dental LLC's planned $200 million incremental first-lien term loan. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default.

“Although we estimate the proposed term loan will increase Heartland's leverage by about 0.5x, we project it will likely maintain leverage of 9x-10x, which is consistent with our forecast. Therefore, our B- issuer credit rating and stable outlook are unchanged,” S&P said in a press release.

The company plans to add the proceeds to its balance sheet for future acquisitions and to pay related transaction fees.

Last month, Heartland extended the maturity of its revolver to April 30, 2027 from April 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.