Heartland Dental trims term loan to $1.38 billion, firms OID at 96

By Sara Rosenberg

New York, May 5 – Heartland Dental LLC downsized its senior secured amended and extended first-lien term loan due April 30, 2028 (B-) to $1,382,700,000 from $1,850,200,000 and set the original issue discount at 96, the wide end of the 96 to 97 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 500 basis points with a 0.75% floor.

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

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.

Proceeds will be used with $535 million of new senior secured notes, upsized from $500 million, new cash equity and a 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.

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