KinderCare launches $1.4 billion term loan at SOFR plus 500 bps

By Sara Rosenberg

New York, May 9 – KinderCare Learning Cos. Inc. launched on Tuesday its $1.4 billion seven-year first-lien term loan (B2//BB+) with price talk of SOFR+500 basis points with a 0.5% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months and no CSA, the source said.

Barclays, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc., Deutsche Bank Securities Inc., UBS Investment Bank, BofA Securities Inc., Jefferies LLC and KKR Capital Markets are the joint bookrunners on the deal.

Commitments are due at noon ET on May 18, the source added.

Proceeds will be used to fully refinance the company’s existing debt and pay related fees and expenses.

KinderCare is a Lake Oswego, Ore.-based provider of private early childhood care and education.

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