...+ Dental support organization (DSO) ADMI Corp. plans to enter into a new $945 million senior secured credit facility, consisting of a $75 million five-year revolver and an $870 million seven-year term loan B. + Proceeds will be used to refinance existing debt as well as fund an $85 million distribution to shareholders. + Adjusted leverage will be roughly 7x following the transaction, and we expect it to remain above 5x in the long term. + We project the company to generate meaningful cash flows and continue to be able to largely self-fund its de novo expansion strategy. + We are affirming our 'B' corporate credit rating on ADMI. The outlook remains stable. At the same time, we are assigning a 'B' debt rating and '3' recovery rating to the company's new proposed senior secured bank facility. + Our stable outlook reflects our expectation of steady revenue growth, stable margins, and the use of cash flows to support increased de novo office openings....
