...November 9, 2021 NEW YORK (S&P Global Ratings) Nov. 9, 2021--S&P Global Ratings today assigned its '##-' issue-level and '2' recovery ratings to U.S.-based early education and childcare operator Bright Horizons Family Solutions LLC's proposed senior secured term loans, comprising a $400 million term loan A due 2026 and $600 million term loan B due 2028. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. The company will use net proceeds from the term loans and $27 million of balance sheet cash to repay its existing $1 billion senior secured term loan B due 2023 and pay related fees and expenses. The proposed transaction is leverage neutral and therefore our 'B+' issuer credit rating and positive outlook are unchanged. The positive outlook reflects the potential for an upgrade if revenue and EBITDA increase toward pre-recession levels over the next 12 months and Bright Horizons will likely sustain...
