Bright Horizons Family Solutions Inc. recently made amendments to its existing senior secured credit facilities through a Second Amendment to Second Amended and Restated Credit Agreement. On December 11, 2024, the company, along with its subsidiaries, Bright Horizons Family Solutions LLC and Bright Horizons Capital Corp., entered into this Second Amendment with JPMorgan Chase Bank, N.A. The purpose of the amendment was to establish a new term “B” loan facility, termed the 2024 Term B Loan Facility, totaling $583,500,000.
The proceeds from the 2024 Term B Loans were used to fully refinance the existing term “B” loans. Significant changes included a reduction of the applicable interest rate for the 2024 Term B Loan Facility to 2.00% for Term Benchmark Loans and 1.00% for ABR Loans. Another noteworthy aspect was that upon achievement of specific corporate credit ratings from Moody’s and S&P, the applicable rates are subject to a further automatic reduction. It was highlighted that the 2024 Term B Loans do not fall under the Term SOFR Adjustment, unlike the Existing Term B Loans
About Bright Horizons Family Solutions
Bright Horizons Family Solutions Inc provides early education and childcare, back-up care, educational advisory, and other workplace solutions services for employers and families in the United States, Puerto Rico, the United Kingdom, the Netherlands, Australia, and India. The company operates in three segments: Full Service Center-Based Child Care, Back-Up Care, and Educational Advisory and Other Services.
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