S&P rates Bright Horizons loans BB-

S&P said it assigned BB- issue-level and 2 recovery ratings to Bright Horizons Family Solutions LLC's planned senior secured term loans, comprising a $400 million term loan A due 2026 and a $600 million term loan B due 2028. The 2 recovery rating indicates an expectation of substantial (70%-90%; rounded estimate: 75%) recovery in default.

The company will use the proceeds and $27 million of balance sheet cash to repay its $1 billion senior secured term loan B due 2023 and pay related fees and expenses. This loan is also rated BB- with a 2 recovery rating.

“The proposed transaction is leverage neutral and therefore our B+ issuer credit rating and positive outlook are unchanged,” S&P said in a press release.

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