Effingham, Ill.-based dental support organization (DSO) Heartland Dental LLC is proposing to refinance its outstanding debt and add an incremental $13 million in debt, using the proceeds to pay down the outstanding revolver balance, the related party note, and address all upcoming maturities, allowing the company to continue its aggressive growth strategy. We are affirming our 'B-' corporate credit rating and revising the outlook to stable from negative. We are assigning 'B-' rating to the new first-lien debt and a 'CCC' rating to the new second-lien debt. The recovery ratings are '3' and '6', respectively. The stable outlook reflects our expectation that the company will successfully complete this proposed refinancing and that discretionary cash flow, in light of continued aggressive
