Aspen Dental launches $175 million add-on term B at 99.75 to par OID

By Sara Rosenberg

New York, Feb. 23 – Aspen Dental (ADMI Corp.) launched on Thursday its fungible $175 million add-on term loan B due April 30, 2022 with original issue discount talk of 99.75 to par, according to a market source.

Pricing on the add-on loan is Libor plus 425 basis points with a 25 bps step-down at less than 3.15 times first-lien net leverage and a 1% Libor floor, in line with existing term loan B pricing, the source said.

The term loan B debt is getting 101 soft call protection for six months.

RBC Capital Markets LLC is the lead arranger and bookrunner on the deal.

Commitments are due at noon ET on March 2.

Proceeds will be used to fund a dividend.

American Securities is the sponsor.

With this transaction, existing lenders are being offered a 25 bps amendment fee, the source added.

Including the add-on, the term loan B will total $619 million.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

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