KinderCare cuts term loan to $1.33 billion, changes OID to 95

By Sara Rosenberg

New York, May 19 – KinderCare Learning Cos. Inc. downsized its seven-year first-lien term loan to $1.325 billion from $1.4 billion and widened the original issue discount to 95 from 97, according to a market source.

Also, changes were made to documentation, including to MFN, incremental debt incurrence and definition of EBITDA, the source said.

Pricing on the term loan remained at SOFR+500 basis points with a 0.5% floor.

The term loan still has 101 soft call protection for six months and no CSA.

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.

Recommitments are due at noon ET on Monday, the source added.

Proceeds will be used to 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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