17 Nov, 2021

Carestream Dental wraps 1st-lien, 2nd-lien incremental term loans; terms

Carestream Dental LLC has completed its $335 million first-lien and $160 million second-lien non-fungible incremental term loans via a Credit Suisse-led arranger group, according to sources. Pricing for the first-lien term loan due September 2024 was finalized at L+450, with a 0.50% Libor floor and an original issue discount of 99. The second-lien term loan due September 2025 priced at L+800, with a 1% floor and an OID of 98.5. Proceeds from the deal will be used to fund a distribution to shareholders. Carestream Dental, backed by CD&R, provides dental digital products and services, including imaging equipment, CAD/CAM systems, software and practice management solutions.

Terms:

Borrower Carestream Dental Inc.; Carestream Dental Technology Inc.
Issue $335 million non-fungible incremental first-lien term loan
UoP Dividend recapitalization
Spread L+450
Libor floor 0.50%
Price 99
Tenor September 2024
YTM 5.51%
Four-year yield --
Call protection 101 soft call for 6 months
Corporate ratings B/B3
Facility ratings B/B2
Recovery ratings 3
Financial covenants None
Arrangers CS/Citi/GS/HSBC/ING
Admin agent CS
Px Talk L+425-450/0.5%/99
Sponsor CD&R
Notes

Borrower Carestream Dental
Issue $160 million non-fungible incremental second-lien term loan
UoP Dividend recapitalization
Spread L+800
Libor floor 1.00%
Price 98.50
Tenor September 2025
YTM 9.83%
Four-year yield --
Call protection 102, 101 hard calls
Corporate ratings B/B3
Facility ratings CCC+/Caa2
Recovery ratings 6
Financial covenants None
Arrangers CS/Citi/GS/HSBC/ING
Admin agent CS
Px Talk L+775-800/0.5%/98.5
Sponsor CD&R
Notes