Bright Horizons Family Solutions Amends Credit Agreement with JPMorgan Chase Bank.

Bright Horizons Family Solutions LLC and Bright Horizons Capital Corp. have entered into a fourth amendment to their second amended and restated credit agreement with JPMorgan Chase Bank, N.A. as administrative agent and other lenders. The amendment amends the existing credit agreement, which was dated November 23, 2021.

Title: Bright Horizons Family Solutions LLC and Bright Horizons Capital Corp. Enter Fourth Amendment to Credit Agreement

Bright Horizons Family Solutions LLC and Bright Horizons Capital Corp. have entered into a fourth amendment to their second amended and restated credit agreement with JPMorgan Chase Bank, N.A. as administrative agent and other lenders. The amendment, which amends the existing credit agreement dated November 23, 2021, involves the issuance of a new 2025 Term B Loan Facility. The proceeds from this facility, along with revolving loans drawn on the closing date, were used to refinance in full the outstanding principal and accrued interest of prior Term B loans. The amendment also covers related fees and expenses.

The 2025 Term B Loans bear interest at one-month Term SOFR plus 1.00%, subject to an interest rate floor of 1.50%. This structure provides a market-based repricing mechanism while ensuring lender protection against low-rate environments. The amendment attaches amended pages to the existing credit agreement, reflecting the changes made.

The filing does not disclose key covenant, maturity, fee, and amortization details, limiting the assessment of credit impact. However, the neutral sentiment from both Leveraged Finance Analysts and Corporate Finance Counsel indicates that the refinancing appears routine for covenanted credit agreements. The Fourth Amendment documents a classic refinancing of a leveraged "B" tranche, with the new facility replacing the prior Term B facility.

The neutral tone of the filing suggests that the refinancing is a standard credit agreement amendment process, with JPMorgan Chase Bank, N.A. acting as the administrative agent. The filing explicitly states the use of proceeds and the interest-rate formula but omits other legal and covenant details, making it difficult to judge legal risk or covenant drift from this excerpt.

References:
[1] https://www.stocktitan.net/sec-filings/BFAM/8-k-bright-horizons-family-solutions-inc-reports-material-event-e10c7eaaa641.html