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Ropes & Gray Represents Bright Horizons in IPO and Debt Refinancing

January 28, 2013 Practices: Finance, Private Equity, Mergers & Acquisitions, Private Investment Funds, Special Situations, Securities & Public Companies

Ropes & Gray represented Bright Horizons Family Solutions Inc., a portfolio company of Bain Capital Partners LLC, in its initial public offering (IPO) of 10.1 million shares of its common stock at a price of $22 per share, announced on Jan. 25. Goldman Sachs, J.P. Morgan and Barclays Capital were lead underwriters on the offering. After the offering, approximately 15 percent of Bright Horizons’ common stock will be held by public investors, and 80 percent will continue to be held by investment funds affiliated with Bain Capital.

Bright Horizons also undertook a debt refinancing concurrently with the IPO and will use the proceeds from the IPO, together with the proceeds from its new $790 million term loan, to retire the outstanding senior notes and senior subordinated notes and repay its existing term loan.

Bright Horizons Family Solutions® is a leading provider of employer-sponsored child care, early education, and work/life solutions. The company operates more than 750 child care and early education centers worldwide. Ropes & Gray represented investment funds affiliated with Bain Capital LLC when they acquired the company in 2008.

The Ropes & Gray team representing Bright Horizons included private equity partner Craig Marcus, benefits partner Renata Ferrari, finance partner Byung Choi and finance counsel Milap Patel. The team also included securities & public companies associate Rachel Phillips; benefits associates Jenny Rikoski; finance associates Amy Olson and Arek Maczka; corporate associate Jon Zucker; and paralegal Andrea Daley.