New Issue: Heartland Dental prices $310 million 8½% eight-year notes at par

By Paul A. Harris

Portland, Ore., April 23 – Heartland Dental, LLC priced a $310 million issue of eight-year senior notes (Caa2/CCC) at par to yield 8½% on Monday, according to a syndicate source.

The yield printed at the wide end of the 8¼% to 8½% yield talk.

Jefferies LLC was the left bookrunner. KKR Capital Markets, TD Securities, BMO Securities and Macquarie Capital were the joint bookrunners.

Proceeds will be used to fund the leveraged buyout of the Effingham, Ill.-based dental support organization by KKR.

Issuer:	Heartland Dental, LLC
Amount:	$310 million
Maturity:	May 1, 2026
Securities:	Senior notes
Left bookrunner:	Jefferies LLC
Joint bookrunners:	KKR Capital Markets, TD Securities, BMO Securities, Macquarie Capital
Coupon:	8½%
Price:	Par
Yield:	8½%
First call:	Make-whole call at Treasuries plus 50 bps until May 1, 2021, then callable at 104.25
Equity clawback:	40% at 108.5 until May 1, 2021
Trade date:	April 23
Settlement date:	April 30
Ratings:	Moody's: Caa2
	S&P: CCC
Distribution:	Rule 144A and Regulation S for life
Price talk:	8¼% to 8½%
Marketing:	Roadshow

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