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InterDent $80 million seven-year notes talked to yield 10½%-10¾%, to price Friday
By Paul A. Harris
St. Louis, Dec. 8 - Price talk on InterDent Service Corp.'s $80 million offering of seven-year senior secured second-lien notes (B3/B) emerged Wednesday at 10½% to 10¾%, according to a market source.
Pricing is expected on Friday.
Jefferies & Co. has the books for the Rule 144A offering.
The notes will be non-callable for four years.
Proceeds will be used to purchase financial sponsor DDJ Capital Management LLC's $47.5 million equity stake, to retire about $30 million of existing debt, and to repay capital leases and seller notes. The current minority shareholder, Levine Leichtman Capital Partners, will become the new majority shareholder.
El Segundo, Calif.-based InterDent provides management services to 124 affiliated dental practices in eight states.
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