Bright Horizons to draw on revolver for Only About Children purchase

By Sara Rosenberg

New York, May 3 – Bright Horizons Family Solutions Inc. plans to use borrowings under its existing revolving credit facility and cash on hand to fund the acquisition of Only About Children, according to a news release.

Only About Children, an operator of child care and early education centers in Australia, is being bought for A$300 million upon closing and an additional A$150 million at 18 months after closing as a deferred purchase price.

Closing is expected in the third quarter, subject to customary conditions, including Australian foreign investment regulatory approval.

Bright Horizons is a Newton, Mass.-based provider of early education and child care, back-up care, and workplace education services.

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