Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Heartland Dental, LLC > News item |
Heartland Dental talks $500 million five-year notes at 10½% area yield; pricing Friday
By Paul A. Harris
Portland, Ore., May 4 – Heartland Dental, LLC and co-issuer Heartland Dental Finance Corp. talked their $500 million offering of senior secured notes due April 30, 2028 (B2/B) to yield in the 10½% area, according to market sources.
Official talk comes on top of initial guidance in the mid-10% area.
Books close at 5 p.m. ET on Thursday, and the notes are set to price on Friday morning.
The Rule 144A and Regulation S for life five-year notes come with two years of call protection and feature a springing maturity.
The Effingham, Ill.-based dental support organization plans to use the proceeds plus a concurrent $1.85 billion term loan, $200 million of new cash equity and a $75 million new strategic partner contribution, to partially refinance extending lenders as part of an amend and extend of its existing term loan, and for general corporate purposes.
Jefferies & Co. is the left arranger. KKR, BMO Capital Markets Corp., TD Securities (USA) LLC, Credit Agricole, Mizuho Securities USA Inc., MUFG, SMBC Nikko Securities America Inc. and Macquarie are the joint arrangers.
The sponsors are KKR and the Ontario Teachers’ Pension Plan.
© 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.