Bright Horizons wraps $600M term loan tight to talk; terms

Investors on Friday received allocations of the $600 million term loan B due 2028 for Bright Horizons Family Solutions Inc. that priced tight to talk at L+225, with a 0.50% Libor floor and an original issue discount of 99.75 via a BofA Securities-led arranger group, according to sources. The loan broke at 99.875/100.125 before quickly ticking up to a 100/100.375 level. Proceeds from the new TLB, along with a $400 million term loan A due 2026 and cash from the balance sheet, will be used to repay the company's $1.03 billion covenant-lite TLB due November 2023 (L+175, 0.75% floor) and to pay related fees and expenses. Bright Horizons Family Solutions is a provider of employer-sponsored child care, early education and work/life solutions.

Terms: