U.S.-based childcare center operator Bright Horizons Family Solutions LLC plans to issue a $165 million term loan due 2020 to fund its share repurchase program and for general corporate purposes. Pro forma for the refinancing, we estimate lease-adjusted leverage in the mid-4x area. We are affirming our 'B+' corporate credit rating on the company and our 'BB-' issue-level rating on its senior secured credit facility. The '2' recovery rating on the debt remains unchanged. We are also assigning our 'BB-' issue-level and '2' recovery ratings to the company's term loan B-1 due 2020. The positive outlook reflects our expectation that revenue and EBITDA will grow at a high-single-digit and low-double-digit percentage rate, respectively, in 2015. We would consider a one-notch
