Heartland Dental to launch up to $1.85 billion term loan on Thursday

By Sara Rosenberg

New York, April 26 – Heartland Dental LLC is scheduled to hold a lender call at noon ET on Thursday to launch an up to roughly $1,850,200,000 senior secured amended and extended first-lien term loan due April 30, 2028, according to a market source.

KKR Capital Markets, Jefferies LLC, BMO Capital Markets, TD Securities (USA) LLC, Credit Agricole, Mizuho, MUFG, SMBC and Macquarie Capital (USA) Inc. are the arrangers on the deal.

The term loan has 101 soft call protection for six months and a springing maturity, the source said.

Expected term loan ratings are B2/B-.

Commitments and consents are due at noon ET on May 3, the source added.

Proceeds will be used with $500 million of new senior secured notes, $200 million of new cash equity and a $75 million new strategic partner contribution to partially refinance extending lenders as part of an amend and extend of their existing term loan and for general corporate purposes.

KKR and Ontario Teachers’ Pension Plan are the sponsors.

Heartland Dental is an Effingham, Ill.-based dental support organization.

© 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.