Bright Horizons Family Solutions Announces Allocation of Term Loan Facility

WATERTOWN, MA—(Marketwired – April 13, 2017) – Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high–quality child care, early education and other services designed to help employers and families better address the challenges of work and family life, announced that its wholly owned subsidiary, Bright Horizons Family Solutions LLC, intends to amend its existing credit agreement.

The new $1,072 million term loan facility, which has been allocated to lenders, will be priced at par, will bear interest at a rate of LIBOR plus 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 million term loan facility.

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

The transaction is expected to close in the first half of May 2017 and remains subject to customary closing conditions. As such, there is no assurance that the refinancing transactions will be completed on the terms described above or at all. Syndication of the loan facilities is being led by J.P. Morgan with Barclays and Bank of America Merrill Lynch also acting as joint lead arrangers.

Forward–Looking Statements

This press release includes statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward–looking statements.” The Company's actual results may vary significantly from the results anticipated in these forward–looking statements, which can generally be identified by the use of forward–looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward–looking statements include all matters that are not historical facts. They include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the terms of the new term loan facility, our interest costs and potential savings, use of proceeds, potential commitments for the Company's revolving credit facility, and the timing and closing of the transaction. By their nature, forward–looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company's risks and uncertainties are more fully described in the “Risk Factors” section of our Annual Report on Form 10–K filed on March 1, 2017, and other filings with the Securities and Exchange Commission. These forward–looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

About Bright Horizons Family Solutions® Inc.

Bright Horizons Family Solutions® is a leading provider of high–quality child care, early education and other services designed to help employers and families better address the challenges of work and family life. The Company provides center–based full service child care, back–up dependent care and educational advisory services to more than 1,100 clients across the United States, the United Kingdom, Ireland, the Netherlands, Canada and India, including 150 FORTUNE 500 companies and more than 80 of Working Mother magazine's 2016 “100 Best Companies for Working Mothers.” Bright Horizons has been recognized 17 times as one of FORTUNE magazine's “100 Best Companies to Work For” and is one of the UK's Best Workplaces as designated by the Great Place to Work® Institute. Bright Horizons is headquartered in Watertown, MA. The Company's web site is located at www.brighthorizons.com.

Extendicare Announces Timing of 2017 First Quarter Results and Conference Call

MARKHAM, ON—(Marketwired – April 13, 2017) – Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today announced it will release its financial results for the first quarter of 2017 on Tuesday, May 9, 2017, and will host a conference call and live audio webcast on Wednesday, May 10, 2017, at 10:30 a.m. (EDT) to discuss the results.

Following the issuance of the news release on May 9, 2017, Extendicare will post a copy of the release, along with an update of the supplemental information package, on its website at www.extendicare.com under the “Our Investors/Financial Reports” section.

The conference call to be held on Wednesday, May 10, 2017, will be hosted by Tim Lukenda, President and Chief Executive Officer and Elaine Everson, Vice President and Chief Financial Officer. Following management's presentation, there will be a question and answer session for analysts and institutional investors.

To participate in the conference call on May 10, 2017, please dial 1–866–696–5910 or 416–340–2217 followed by the passcode 1020659#. The conference call will also be accessible via webcast at www.extendicare.com under the “Our Investors/Events & Presentations” section. A replay of the call will be available approximately two hours after completion of the live call until midnight on May 26, 2017. To access the rebroadcast dial 1–800–408–3053 or 905–694–9451 followed by the passcode 9696498#.

ABOUT EXTENDICARE
Extendicare is a leading provider of care and services for seniors throughout Canada. Through our network of 111 operated senior care and living centres (65 owned/46 managed), as well as our home health care operations, we are committed to delivering care throughout the health care continuum to meet the needs of a growing seniors' population in Canada. Our qualified and highly trained workforce of 23,800 individuals is dedicated to helping people live better through a commitment to quality service and a passion for what we do.