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Dental Corp. modifies first-lien term loans discount to 99.75
By Sara Rosenberg
New York, May 31 – Dental Corp. of Canada Inc. tightened the original issue discount on its $500 million seven-year first-lien term loan (B2/B-) and $125 million seven-year delayed-draw first-lien term loan (B2/B-) to 99.75 from 99.5, according to a market source.
Pricing on the first-lien term loan debt remained at Libor plus 375 basis points with a 0% Libor floor.
The company’s $925 million of credit facilities also include a $50 million revolver (B2/B-), a $200 million eight-year second-lien term loan (Caa2/CCC) and a $50 million eight-year delayed-draw second-lien term loan (Caa2/CCC).
Ticking fees on the delayed-draw first- and second-lien term loans were revised to half the spread from days 31 to 60 and the full spread thereafter from half the spread from days 61 to 120 and the full spread thereafter, the source said. The delayed-draw availability is 24 months.
Another change made was that the company is now required to provide management discussion and analysis and hold quarterly calls, the source continued.
Pricing on the second-lien term loan debt is still Libor plus 750 bps with a 0% Libor floor and a discount of 99.
The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.
Jefferies LLC is the left lead arranger on the deal.
Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.
Proceeds will be used to fund the acquisition of the company by L Catterton.
Imperial Capital Group Ltd. and OPTrust Private Markets Group, together with management and Dental Corp.’s dentist shareholders, will continue to hold a significant equity interest in the company.
Dental Corp. is a network of general and specialist dental clinics in Canada.
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