...+ 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....
