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Aspen Dental to reprice $1.2B term loan B-2; commitments due Jan. 27

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Aspen Dental to reprice $1.2B term loan B-2; commitments due Jan. 27

An RBC Capital Markets-led arranger group is launching a repricing transaction for Aspen Dental Management Inc.'s $1.2 billion Term Loan B-2, according to sources. Commitments will be due by noon ET on Jan. 27.

Price talk on the covenant-lite Term Loan B-2 due December 2027 is set at L+325 with a 0.50% Libor floor, and is offered at par. A 1% soft call will be paid as the facility is still covered by its 101 soft call protection, and the 101 soft call protection will be reset for six months. At talk, yield to maturity is approximately 3.80%.

The full arranger group also includes J.P. Morgan, Deutsche Bank, Credit Suisse, BMO Capital Markets and KKR Capital Markets.

The company issued its $1.2 billion Term Loan B-2 in December 2020 when it was placed to finance the acquisition of Sun Capital Partners-backed ClearChoice Management Services, a provider of practice support services to the nationwide network of ClearChoice Dental Implant Centers at more than 60 locations. The term loan is currently priced at L+400, with a 0.75% Libor floor.

The issuer also has a first-lien term loan due April 2025 (L+275, 0% Libor floor) that totals approximately $900 million and will be unchanged with this transaction.

Current first-lien ratings are B/B2, with a 3 recovery rating from S&P Global Ratings. Corporate ratings are B/B2, with a negative outlook from Ratings and a stable outlook from Moody's.

Aspen Dental, sponsored by Ares Management and Leonard Green & Partners, provides dental-practice management and laboratory services.

Article amended at 10:25 a.m. ET on Jan. 25, 2021, to add the issue price and yield.