...TORONTO (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today said that its ratings on Dental Corp. Of Canada Inc., including its 'B-' issuer credit rating, 'B-' first-lien issue-level rating, and '###' second-lien issue-level rating, are not affected by the company's issuance of a US$127 million and US$50 million add-on to the first- and second-lien term loans, respectively. The recovery rating on the company's first-lien secured debt remains '3', reflecting our expectation for meaningful (50%-70%, rounded estimate: 65%) recovery in the event of payment default. The recovery rating on the company's second-lien term loan remains '6', reflecting our expectation for negligible (0%-10%, rounded: 0%) recovery in the event of payment default. The estimated recovery percentage for the first-lien debt changed to 65% from 60%, reflecting a slight increase in second-lien debt as a percentage of the total claim. The company will use the proceeds of the add-ons to fund acquisitions. Our ratings...
