Western Dental to launch $300 million credit facility on Oct. 11

By Sara Rosenberg

New York, Oct. 4 - Western Dental Services Inc. is scheduled to hold a bank meeting on Oct. 11 to launch a $300 million senior secured credit facility, according to a market source.

Jefferies & Co. and BMO Capital Markets Corp. are the lead banks on the deal.

The facility consists of a $25 million revolver and a $275 million term loan, the source said.

Proceeds will be used to help fund the buyout of the company by New Mountain Capital LLC.

Leverage is 4.1 times, and there is 52% equity.

Western Dental is an Orange, Calif.-based dental and oral health maintenance organization.

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