Bright Horizons Family Solutions, a provider of child care, early education and other services, amended its credit agreement led by J.P. Morgan and entered into a $1.072 billion term loan facility.

The new $1.072 billion term loan facility, which has been allocated to lenders, will be priced at par, will bear interest at a rate of LIBOR + 2.25% (a reduction of 50 basis points from the applicable interest rate under the existing term loan facility) and will continue to have a maturity of November 7, 2023.

The transaction is expected to result in annual interest savings of approximately $5 million based on the current principal amount of the term loan and the applicable rate under the existing credit agreement.

The proceeds of the new term loan facility are expected to be used to repay all amounts outstanding under its existing $1.072 billion term loan facility.

As part of the transaction, the company is also seeking commitments to extend the maturity date of its $225 million revolving credit facility by three years to July 2022.

Barclays and Bank of America Merrill Lynch also acted as joint lead arrangers.