**BrightView Successfully Amends Credit Agreement, Reducing Interest Rates on Term Loans**

On January 29, 2025, BrightView Holdings, Inc. (NYSE: BV), a leading provider of commercial landscaping services, announced an amendment to its Credit Agreement that significantly reduces the interest rates on its existing term loans. This amendment, detailed in Amendment No. 9 to the Credit Agreement, aims to optimize the company’s financial structures for improved operational efficiency.

The Company, along with its wholly-owned subsidiary BrightView Landscapes, LLC, entered into the Credit Agreement Amendment with JPMorgan Chase Bank, N.A., acting as the Administrative Agent and Collateral Agent. One of the key adjustments made through this amendment was a reduction in the applicable margin on its Term Loans, which currently have an aggregate outstanding principal amount of $738 million.

Originally dated back to December 18, 2013, the Credit Agreement has been amended to lower the interest rates on the Term Loans. Previously, the Term Loans bore interest at a base rate or Term SOFR plus an applicable margin. With the recent changes, the applicable margin has been reduced from 1.50% to 1.00% for base rate loans and from 2.50% to 2.00% for Term SOFR loans.

It is important to note that entities involved in the agreement, such as the Agent, lenders, and their affiliates, have provided or may provide financial services to BrightView, for which they have received compensation. Additionally, KKR Capital Markets LLC, an affiliate of one of BrightView’s major shareholders, was involved in providing services related to the Credit Agreement Amendment and will receive compensation accordingly.

According to a press release issued by the company on the same day as the agreement, this repricing initiative is expected to lead to significant cost savings. BrightView stated that by repricing the Term Loan, they anticipate annual cash interest expense savings of approximately $7.5 million, with total savings estimated to reach $35 million through maturity, building upon a prior repricing conducted in May 2024.

Brett Urban, BrightView’s Chief Financial Officer, highlighted the importance of effectively managing the company’s balance sheet and reducing costs. He emphasized that by taking these strategic steps, BrightView aims to enhance financial flexibility and further its commitment to sustainable and profitable growth.

BrightView Holdings, Inc., renowned as the nation’s largest commercial landscaper, focuses on designing, creating, and maintaining exceptional landscapes while also providing top-tier snow and ice removal services. The company’s dedication to delivering outstanding services across various sectors underscores its commitment to excellence and sustainability in the landscaping industry.

This press release contains forward-looking statements, with actual results possibly differing due to inherent uncertainties and risks. Readers are advised to refer to the company’s annual report on Form 10-K for the year ended September 30, 2024, filed with the SEC for detailed risk factors. BrightView commits to updating forward-looking statements in accordance with applicable securities laws as necessary.

Press Contact:
Chris Stoczko, Vice President of Finance
Email: [email protected]

Media Contact:
David Freireich, Vice President of Communications & Public Affairs
Email: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BrightView’s 8K filing here.

About BrightView

BrightView Holdings, Inc, through its subsidiaries, provides commercial landscaping services in the United States. It operates through two segments, Maintenance Services and Development Services. The Maintenance Services segment delivers a suite of recurring commercial landscaping services, including mowing, gardening, mulching and snow removal, water management, irrigation maintenance, tree care, golf course maintenance, and specialty turf maintenance.