Bright Horizons refinances credit facility with $900 million revolver, $362.5 million drawn
Bright Horizons' subsidiary entered a refinancing amendment to its credit agreement, creating a $900 million revolving loan facility. It drew $362.5 million under that facility, along with cash on hand, to repay all outstanding Term A Loans under the existing agreement. The filing does not state a direct effect on earnings, but it changes the company's debt terms, including a maximum first lien net leverage ratio of 4.25 to 1.00.
Key points
- Refinancing Amendment dated April 17, 2025, with JPMorgan Chase Bank, N.A. as administrative agent
- $900 million New Revolving Facility; $362.5 million borrowed and used with cash on hand to repay Term A Loans
- Borrowings bear interest at Term SOFR plus 1.25% to 1.75% or Base Rate plus 0.25% to 0.75%; facility matures August 24, 2028 based on current terms
- Covenant requires maximum consolidated first lien net leverage ratio of 4.25 to 1.00
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:49 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 21, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.