29 Jan, 2021

Aspen Dental wraps $1.2B term loan B-2 repricing; terms

Investors have received allocations of Aspen Dental Management Inc.'s repriced $1.2 billion term loan B-2 due December 2027 that priced at L+325, with a 0.5% Libor floor and an issue price of par via an RBC Capital Markets-led arranger group, according to sources. The transaction lowers the spread on the term loan from L+400, with a 0.75% Libor floor. A 1% call premium will be paid as the facility is still covered by its 101 soft call protection. Aspen Dental, sponsored by Ares Management and Leonard Green & Partners, provides dental-practice management and laboratory services. Terms:

Borrower Aspen Dental Management (ADMI Corp.)
Issue $1.2 billion term loan B-2
UoP Repricing
Spread L+325
LIBOR floor 0.50%
Price 100
Tenor December 2027
YTM 3.80%
Four-year yield 3.80%
Call protection 101 soft call reset for 6 months
Corporate ratings B/B2
Facility ratings B/B2
Recovery ratings 3
Financial covenants None
Arrangers RBC/JPM/DB/CS/BMO/KKR
Admin agent RBC
Px Talk L+325/0.50%/100
Sponsor Ares/Leonard Green & Partners
Notes 1% soft call to be paid.