Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated - S&P Global Ratings’ Credit Research

Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated

Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated - S&P Global Ratings’ Credit Research
Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated
Published Apr 09, 2018
9 pages (2823 words) — Published Apr 09, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Dental support organization (DSO) Heartland Dental LLC, plans to enter into a new senior secured credit facility, consisting of a $125 million five-year first-lien revolver, a $1 billion seven-year first-lien term loan, and an $150 million first-lien delayed-draw term loan. The company also plans to issue $310 million of senior unsecured notes. We are affirming our 'B-' corporate credit rating on Heartland Dental. At the same time, we are assigning a 'B-' issue-level rating and '3' recovery rating to the company's new proposed senior secured bank facility, as well as a 'CCC' issue-level rating and '6' recovery rating to the new proposed senior unsecured notes. Our stable outlook reflects our expectation that Heartland Dental's debt leverage remains manageable, given continued

  
Brief Excerpt:

...+ Dental support organization (DSO) Heartland Dental LLC, plans to enter into a new senior secured credit facility, consisting of a $125 million five-year first-lien revolver, a $1 billion seven-year first-lien term loan, and an $150 million first-lien delayed-draw term loan. The company also plans to issue $310 million of senior unsecured notes. + We are affirming our 'B-' corporate credit rating on Heartland Dental. + At the same time, we are assigning a 'B-' issue-level rating and '3' recovery rating to the company's new proposed senior secured bank facility, as well as a '###' issue-level rating and '6' recovery rating to the new proposed senior unsecured notes. + Our stable outlook reflects our expectation that Heartland Dental's debt leverage remains manageable, given continued steady revenue growth, improving EBITDA margins, and increasing funds from operations (FFO), though the company will continue to use bulk of this to fund its aggressive expansion strategy....

  
Report Type:

Research Update

Ticker
515284Z
Issuer
Sector
Global Issuers
Country
Region
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated" Apr 09, 2018. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Heartland-Dental-LLC-B-Rating-Affirmed-Senior-Secured-Facility-And-Senior-Unsecured-Notes-Rated-2018342>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Heartland Dental LLC 'B-' Rating Affirmed; Senior Secured Facility And Senior Unsecured Notes Rated Apr 09, 2018. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Heartland-Dental-LLC-B-Rating-Affirmed-Senior-Secured-Facility-And-Senior-Unsecured-Notes-Rated-2018342>
  
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