Moody’s rates Aspen Dental facility B2

Moody’s Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of ADMI Corp. (Aspen Dental).

Moody's also assigned a B2 rating to the proposed first-lien senior secured credit facility.

The outlook is stable.

Proceeds from the $870 million term loan, $5 million under the revolver, and some cash will be used to repay all existing debt, fund a $85 million dividend and pay transaction fees and expenses.

"The refinancing and dividend results in debt to EBITDA increasing about half a turn to 6.4 times, which is high for the B2 rating," Moody's assistant vice president and analyst Todd Robinson said in a news release.

"However, we acknowledge the company's solid market position, stable end markets and favorable industry dynamics.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.