U.S.-based childcare center operator Bright Horizons Family Solutions LLC has put in place a new $790 million term loan and $100 million revolving credit facility, and has completed a $222 million IPO. The company is using transaction proceeds to repay all of its existing higher-cost debt. We have assigned Bright Horizons Family Solutions a 'B+' corporate credit rating. We have assigned the $890 million senior secured credit facility our 'B+' rating, with a recovery rating of '3'. We also upgraded the corporate credit rating on holding company Bright Horizons Capital Corp., and subsequently withdrew this rating. The stable rating outlook reflects our view that the company will be able to maintain its credit measures and adequate liquidity, despite its aggressive
