S&P rates Heartland Dental loan B-

S&P said it assigned a B- rating and 3 recovery rating to Heartland Dental LLC's recently announced $150 million incremental first-lien term loan.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The proceeds will be used to fund acquisitions.

All of the existing ratings on Heartland Dental are unchanged following the incremental first-lien term loan because they continue to reflect the company's active business development strategy, S&P said.

The ratings also consider an expectation that its leverage will remain at higher than 10x through 2020, the agency said.

The ratings also consider the company's leading market position and narrow operating focus in the highly fragmented dental practices market, S&P said.

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