Bright Horizons refinances $1B in credit facilities with new $600M term B and $400M term A loans

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

New $600M term B loan facility (seven-year) and $400M term A loan facility (five-year) entered on Nov 23, 2021.
Proceeds used to refinance all outstanding term loans under original credit agreement, plus fees and expenses.
Existing $400M revolving credit facility (matures May 2026) maintained unchanged.
Interest rates: term B at LIBOR+2.25% (Eurocurrency) with 0.50% floor; term A at LIBOR+1.50%-1.75% with 0.00% floor.
Mandatory prepayment provisions: 50% excess cash flow (step-downs based on leverage); 1.0% call premium on term B for repricing within six months.

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