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Moody's affirms Heartland Dental
Moody's affirmed the ratings of Heartland Dental, LLC, including the corporate family rating at B3, the probability of default rating at B3-PD, the first-lien senior secured debt rating at B2, and the senior unsecured notes at Caa2.
The outlook remains stable.
The rating action follows the announced acquisition of American Dental Partners, Inc. for $660 million.
The affirmation of the B3 corporate family rating reflects the added scale, potential for near-term cost synergies and longer-term operational synergies that the acquisition will bring to Heartland.
While the acquisition will raise pro forma debt/EBITDA to the mid 7x-range (excluding synergies) Moody's expects that leverage will decline to the 7.0x range by the end of 2021 driven by the realization of synergies and continued recovery from the pandemic impact in 2020.
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