Heartland Dental launches $1.82 billion loan at SOFR plus 450 bps

By Sara Rosenberg

New York, May 13 – Heartland Dental LLC was scheduled to hold a lender call at 4 p.m. ET on Monday to launch a $1,819,800,000 first-lien term loan due April 30, 2028 that is talked at SOFR plus 450 basis points with a 0.75% floor, according to a market source.

Of the total term loan amount, $100 million is a fungible incremental piece to refinance existing debt and $1,719,800,000 is a repricing of the company’s existing first-lien term loan due April 30, 2028 down from SOFR plus 500 bps with a 0.75% floor.

New money commitments are talked with an original issue discount of 99.75, and rolled money commitments are talked with a par issue price, the source said.

The term loan is getting 101 soft call protection for six months.

Jefferies LLC and KKR Capital Markets are the arrangers on the deal.

Commitments and consents are due at 2 p.m. ET on Thursday, the source added.

Heartland Dental is an Effingham, Ill.-based dental support organization.

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