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England's Integrated Dental Holdings plans £400 million three-part secured notes offering
By Paul A. Harris
Portland, Ore., May 20 - Turnstone Midco 2 Ltd., the owner of England's Integrated Dental Holdings, plans to price £400 million of senior secured notes in three tranches before the end of the week, according to a market source.
Target sizes for the tranches have been set.
The dental services provider plans to sell £200 million of 5.5-year first-lien fixed-rate notes (B2) that are non-callable for two years and £125 million of 5.5-year first-lien floating-rate notes (B2) that are non-callable for one year.
In addition the company plans to sell £75 million of six-year senior secured second-lien fixed-rate notes (Caa1), which are non-callable for three years.
Credit Suisse, JPMorgan, ING, Lloyds TSB, Mizuho, SG CIB and UBS are managing the sale.
Proceeds will be used to refinance debt.
The company is based in Kearsley, England.
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