Article
Aspen Group Pauses WellNow Sale, Targets Q3 for Comprehensive Refi
By: Geoff Burrows
The Aspen Group disclosed to its lenders that it is pausing the sale of WellNow in light of improved financial results, according to sources.
Aspen Group, also known as ADMI Corp., aims to launch a comprehensive refinancing in the third quarter to address its December 2027 debt maturities and will continue discussions with preferred equity investors to raise capital, the sources added.
The Ares, Leonard Green and American Securities-backed dental and urgent care provider disclosed on an earnings call in May that it had received a letter of intent for the WellNow business but was noncommittal on its willingness to execute the transaction, as reported. WellNow operates over 150 urgent care clinics around the country.
An ad hoc group of lenders to Aspen Dental is working with Gibson Dunn in light of more than $3 billion maturities on the company’s term loans in December 2027, as reported. JPMorgan is in touch with investors to address certain parts of the capital structure, including a $500 million preferred equity tranche held by the bank.
Indications for Aspen Group’s $1.2 billion term loan B2 due Dec. 23, 2027, have drifted down to 86.92/88.69 this week from 91/93 in mid May, according to IHS Markit. In early May, the loan had tumbled to 79/81.5 from 96/97 after the company failed to provide progress to lenders on its refinancing efforts. An estimate of the company’s capital structure as of Dec. 31, 2024, is shown below:
Moody’s Ratings affirmed Aspen Group’s B3 Corporate Family Rating in April 2025 while revising the outlook to negative, citing weakened liquidity and continued reliance on the revolving credit facility, with leverage expected to remain in the 7x range over the next 12 to 18 months. S&P Global Ratings followed in August 2025, affirming a B- rating with a revised negative outlook, flagging risk from softening patient traffic and limited deleveraging capacity ahead of the maturity wall.
Ares declined to comment. American Securities, Leonard Green and Aspen Group did not respond to requests for comment.
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