...April 27, 2023 TORONTO (S&P Global Ratings) April 27, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Heartland Dental LLC's proposed amend-and-extend first-lien term loan (about $1.87 billion) and $500 million senior secured notes (pari passu with the first-lien term loan). The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The company is seeking to extend its existing first-lien term loan by three years to April 30, 2028, from April 30, 2025. At the same time, it is seeking to raise up to $500 million of senior secured notes, which it will use the proceeds from to partially refinance its existing debt and for general corporate purposes. Heartland Dental's sponsors, KKR and Ontario Teachers' Pension Plan, will also contribute about $200 million of new cash equity to support this transaction. The company has also received a $75 million equity investment...
