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News Apr 30, 2018

Heartland Dental’s Inaugural $310 Million Senior Notes Offering

Shearman & Sterling advised Jefferies LLC, KKR Capital Markets LLC, TD Securities (USA) LLC, BMO Capital Markets Corp. and Macquarie Capital (USA) Inc., as joint book-running managers, in connection with the inaugural Rule 144A/Regulation S offering by Hadrian Merger Sub Inc., which ultimately merged with and into Heartland Dental, LLC (the “Company”), and Heartland Dental Finance Corporation of $310 million aggregate principal amount of 8.5% senior notes due 2026. The net proceeds from the offering, together with the borrowings under the Company’s new credit facilities and cash on hand, were used to fund Kohlberg Kravis Roberts & Co L.P.’s acquisition of a majority interest in the Company, to retire certain existing indebtedness of the Company and to pay related fees and expenses.

The Company is the largest dental support organization in the United States, providing a range of management, administrative and financial services to its supported dental offices.

The Shearman & Sterling team below was supported by associates Spencer Barrowes (New York-Finance) and Jake Glazeski (New York-Compensation, Governance & ERISA).

The Team