Smile Doctors Explores $2 Billion Refinancing of Blackstone-Antares Loans
Smile Doctors is exploring refinancing roughly $2 billion of term loans provided by Blackstone and Antares, with Barclays leading discussions on a US leveraged loan offering. The debt carries a 575-basis-point SOFR spread and matures in 2028, and could see lower costs if a wider investor base participates, though talks remain early.
1. Refinancing Overview
Smile Doctors is weighing a refinancing of about $2 billion in term loans originally financed by Blackstone and Antares. Barclays has been hired to lead discussions in the US leveraged loan market, aiming to tap a broader investor base and potentially lower borrowing costs for the orthodontics-focused company.
2. Loan Terms and Maturity
The existing debt package carries a 575-basis-point spread over SOFR and does not mature until 2028. This financing initially backed a 2022 investment by Thomas H. Lee Partners, and while credit-market volatility is elevated, Smile Doctors faces no immediate pressure to refinance until closer to maturity.