Aspen Dental firms spread on $320 million term B at Libor plus 550 bps

By Sara Rosenberg

New York, March 5 - Aspen Dental Management Inc. finalized pricing on its $320 million term loan B (B2/B) due Oct. 6, 2016 at Libor plus 550 basis points, the wide end of the Libor plus 525 bps to 550 bps talk, according to a market source.

The tranche has a 1.5% Libor floor and 101 soft call protection for one year.

The term loan B includes $127.4 million of new money and $192.6 million of existing debt that was repriced from Libor plus 450 bps with a 1.5% Libor floor.

Original issue discount on the new money is 981/2, in line with earlier talk.

Amortization is 1% per annum, with the remainder due at maturity.

Security is a first-priority lien on substantially all of the company's assets.

UBS Securities LLC and GE Capital Markets are the lead banks on the deal, with UBS the left lead.

Proceeds from the new term loan borrowings will be used to fund a dividend.

In addition, the company is amending its existing credit facility to increase the incurrence basket to $127.4 million for additional term loans and increase borrowing capacity under the existing revolver by $15 million.

Aspen Dental is an East Syracuse, N.Y.-based provider of denture and dental care services.

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