ADMI Corp., operating under Aspen Dental, intends to issue a $175 million add-on to its senior secured first-lien term loan and a $15 million upsize to its senior unsecured notes. The company intends to use the proceeds and cash on hand to fund a $200 million dividend to its shareholders. We expect adjusted debt leverage to remain above 5x in the long term and for the company to continue to generate meaningful free cash flow. We are affirming our issue-level ratings on ADMI's debt, including our 'B' rating on the senior secured credit facility and 'CCC+' rating and on the unsecured notes. The stable rating outlook on ADMI Corp. continues to reflect S&P Global Ratings' expectation of steady revenue growth,
