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Bright Horizons borrows from revolver to fund acquisition of Conchord
By Marisa Wong
Morgantown, W.Va., Nov. 10 – Bright Horizons Family Solutions Inc. used borrowings under its amended and restated credit agreement, including its revolving credit facility, to finance an acquisition, according to an 8-K filing with the Securities and Exchange Commission.
The company acquired Conchord Ltd. for about £166 million, which includes £67 million for the purchase of Conchord’s outstanding debt.
Bright Horizons is a Watertown, Mass.-based provider of employer-sponsored child care, back-up care, early education, educational advisory services and other work/life services. Conchord operates Asquith Day Nurseries & Pre-Schools, a group of 90 nurseries.
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