Aspen Dental ups first-lien term loan to $195 million, removes $45 million last-out loan

By Sara Rosenberg

New York, Sept. 28 - Aspen Dental increased the size of its six-year first-lien term loan (B1) to $195 million from $150 million and eliminated the $45 million six-year last-out term loan (Caa1) from its capital structure, according to a market source.

Pricing on the first-lien term loan is Libor plus 600 basis points, with a 1.7% Libor floor and an original issue discount of 98, the source said.

By comparison, when the deal was divided into two term loans, the first-out term loan was talked at Libor plus 500 bps to 525 bps, and the last-out term loan was being talked at Libor plus 725 bps to 775 bps. Both tranches were being offered with a 1.75% Libor floor and an original issue discount of 98.

The $230 million credit facility still includes a $35 million five-year revolver (B1).

UBS and Jefferies are the lead banks on the deal and are asking for recommitments by mid-day on Wednesday.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Aspen Dental is a provider of denture and dental care services.

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