This report does not constitute a rating action. TORONTO (S&P Global Ratings) Oct. 30, 2026--S&P Global Ratings today said that its expectations for Heartland Dental LLC ’s (B/Stable/--) credit metrics are unchanged by the company’s proposed $150 million fungible add-on to its $2.5 million senior secured first-lien term loan B facility. Heartland plans to use the proceeds to fund mergers and acquisitions as part of its de novo and affiliation growth strategy. Upon completion, we expect the incremental term loan to increase S&P Global Ratings-adjusted leverage by just over a quarter of a turn to the mid-6x area in fiscal 2026. This translates to the high-6x area including preferred shares. However, the anticipated EBITDA contribution from acquisitions further limits the
