Bright Horizons Family Solutions’s $1.125 Billion of Incremental Term Loans

Cravath represented JPMorgan Chase Bank, N.A. in connection with the arrangement of $1.125 billion of incremental term loans made available to Bright Horizons Family Solutions LLC, a leading provider of early education and preschools, employer‑sponsored child care, backup care, educational advisory services and other work/life solutions. The commitments included $925 million of incremental term loans available at closing to be used to refinance existing indebtedness and $200 million of incremental term loans available on a delayed draw basis to be used for general corporate purposes, including acquisitions. The transaction closed on November 7, 2016.

The Cravath team included partner George E. Zobitz and associate Matthew M. Kelly on banking matters; partner Matthew Morreale on environmental matters; and associate Ashley May on tax matters. Eric J. Zepp also worked on banking matters and Christopher C. Gonnella worked on executive compensation and benefits matters.