BrightView Announces Successful Term Loan Repricing
BrightView Holdings (NYSE: BV) has successfully completed a repricing of its $738 million senior secured term loan due 2029. The company reduced the applicable interest rate to Term SOFR plus 2.00%, down from the previous Term SOFR plus 2.50%. Combined with a previous repricing from May 2024, BrightView estimates cash interest expense savings of approximately $7.5 million annually and $35 million through maturity. CFO Brett Urban emphasized that this move aligns with their strategy of opportunistic balance sheet management and cost reduction to support profitable growth.
BrightView Holdings (NYSE: BV) ha completato con successo un aggiustamento del prezzo del suo prestito senior garantito da 738 milioni di dollari in scadenza nel 2029. L'azienda ha ridotto il tasso d'interesse applicabile a Term SOFR più 2,00%, rispetto al precedente Term SOFR più 2,50%. Combinato con un precedente aggiustamento da maggio 2024, BrightView stima un risparmio annuale di spese per interessi in contante di circa $7,5 milioni all'anno e $35 milioni fino alla scadenza. Il CFO Brett Urban ha sottolineato che questa mossa è in linea con la loro strategia di gestione opportunistica del bilancio e riduzione dei costi per supportare una crescita redditizia.
BrightView Holdings (NYSE: BV) ha completado con éxito una revalorización de su préstamo a plazo senior garantizado de 738 millones de dólares que vence en 2029. La compañía redujo la tasa de interés aplicable a Term SOFR más 2,00%, desde el anterior Term SOFR más 2,50%. Combinado con una revalorización previa de mayo de 2024, BrightView estima un ahorro en gastos de intereses en efectivo de aproximadamente $7.5 millones al año y $35 millones hasta el vencimiento. El CFO Brett Urban enfatizó que este movimiento se alinea con su estrategia de gestión oportunista del balance y reducción de costos para apoyar el crecimiento rentable.
BrightView Holdings (NYSE: BV)는 2029년 만기인 7억 3천 8백만 달러의 선순위 담보 대출의 가격 조정을 성공적으로 완료했습니다. 회사는 적용 이자율을 이전의 Term SOFR + 2.50%에서 Term SOFR + 2.00%로 인하했습니다. 2024년 5월의 이전 가격 조정과 결합하여 BrightView는 연간 약 $7.5백만 절감 및 만기까지 총 $35백만 절감을 예상합니다. CFO Brett Urban은 이 조치가 수익성 있는 성장을 지원하기 위한 기회 중심의 재무 관리 및 비용 절감 전략과 일치한다고 강조했습니다.
BrightView Holdings (NYSE: BV) a réussi à finaliser une réévaluation de son prêt à terme senior garanti de 738 millions de dollars échéant en 2029. L'entreprise a réduit le taux d'intérêt applicable à Term SOFR plus 2,00 %, contre Term SOFR plus 2,50 % précédemment. Combiné avec une réévaluation antérieure de mai 2024, BrightView estime des économies sur les dépenses d'intérêts en espèces d'environ 7,5 millions de dollars par an et 35 millions de dollars jusqu'à l'échéance. Le CFO Brett Urban a souligné que cette démarche s'inscrit dans leur stratégie de gestion opportuniste du bilan et de réduction des coûts pour soutenir une croissance rentable.
BrightView Holdings (NYSE: BV) hat erfolgreich eine Neufestsetzung seines 738 Millionen Dollar schweren gesicherten Terminkredits mit Fälligkeit im Jahr 2029 abgeschlossen. Das Unternehmen hat den anwendbaren Zinssatz auf Term SOFR plus 2,00 % gesenkt, von zuvor Term SOFR plus 2,50 %. In Kombination mit einer vorherigen Neufestsetzung aus Mai 2024 schätzt BrightView die Einsparungen bei den Barzinsaufwendungen auf etwa 7,5 Millionen Dollar jährlich und 35 Millionen Dollar bis zur Fälligkeit. CFO Brett Urban betonte, dass dieser Schritt mit ihrer Strategie des opportunistischen Bilanzmanagements und der Kostensenkung zur Unterstützung des profitablen Wachstums übereinstimmt.
- Interest rate reduction of 0.50% on $738M term loan
- Expected annual cash interest savings of $7.5M
- Total interest savings of $35M through loan maturity
- Improved debt terms without substantial changes to other conditions
- Maintains significant long-term debt of $738M through 2029
Insights
The successful repricing of BrightView's
This second repricing within a year demonstrates strong creditor confidence in BrightView's financial position and management's astute timing in capitalizing on favorable market conditions. The cumulative interest savings will strengthen the company's debt service coverage ratios and free up capital for strategic initiatives or debt reduction. For a company with a market cap of approximately
The move is particularly strategic given the current interest rate environment, where many companies are struggling with higher borrowing costs. By reducing its interest burden, BrightView has enhanced its competitive position in the landscape maintenance industry, where operating margins are typically thin and cash flow management is crucial. This financial flexibility could provide advantages in pursuing organic growth opportunities or potential M&A activities.
“We repriced our term loan in May 2024 and, again, we executed a repricing this week. Opportunistically managing the balance sheet and continuing to push costs down creates flexibility and drives our commitment to profitable growth,” said Brett Urban, BrightView Chief Financial Officer.
About BrightView
BrightView (NYSE: BV), the nation’s largest commercial landscaper, proudly designs, creates, and maintains the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across
Forward-Looking Statements
This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” and variations of such words or similar expressions. Forward-looking statements are based on BrightView’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements can be found under the caption “Risk Factors” in BrightView’s annual report on Form 10-K for the year ended September 30, 2024, as filed with the SEC, as such risk factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website on www.sec.gov. Any forward-looking statement in this release speaks only as of the date of this release. BrightView undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
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Investors
Chris Stoczko, Vice President of Finance
IR@brightview.com
News Media
David Freireich, Vice President of Communications & Public Affairs
David.Freireich@brightview.com
Source: BrightView Landscapes
FAQ
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