American Dental Partners (ADP) completed its public offering of 2.26 million shares of common stock at a price of $12 per share to the public, excluding the underwriter's overallotment option to purchase an additional 339,000 shares, with net proceeds of about $25.3 million after deducting underwriting discounts and commissions and estimated expenses of the offering, the company announced.
American Dental also said that it closed a refinancing of its senior credit agreements. The company entered into a new $130 million senior secured credit facility, which includes a $50 million revolving credit facility and an $80 million term loan facility.
The new funds will be used to refinance the company's existing senior secured revolving credit facility and term loan. The balance will be available for working capital and other general corporate purposes.
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