KinderCare Learning Companies Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On February 11, 2025 (the “Effective Date”), KUEHG Corp. (“KUEHG”), a Delaware corporation and wholly owned subsidiary of KinderCare Learning Companies, Inc. (the “Company”), entered into an amendment (the “RCF Amendment”) to its credit agreement, dated as of June 12, 2023 (the “Credit Agreement”) among KUEHG, the Company, the guarantors identified therein, the lenders identified therein and Barclays Bank PLC, as administrative agent, which amends the Credit Agreement to (i) incrementally increase its existing revolving extended tranche commitments (the “Revolving Extended Commitments”) in an aggregate principal amount of $22.5 million from a new revolving lender and (ii) reclassify and extend $5.0 million of the revolving non-extended tranche commitments of an existing revolving lender into Revolving Extended Commitments, such that the aggregate commitments under KUEHG’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) after giving effect to the amendment were $262.5 million (consisting of $252.5 million of Revolving Extended Commitments and $10.0 million of revolving non-extended tranche commitments). There were no borrowings outstanding under the First Lien Revolving Credit Facility as of the date of this filing. All other materials terms under the Credit Agreement remained unchanged.
The Revolving Extended Commitments have an extended maturity date of the earlier of (i) October 10, 2029, or (ii) if, on the date that is ninety-one (91) days prior to the original maturity date of June 12, 2030 of the term loan under the Credit Agreement (the “Initial Term Loan”), all or any portion of the Initial Term Loan remain outstanding, the date that is ninety-one (91) days prior to the Initial Term Loan maturity date. The maturity date of the non-extended tranche commitments is June 12, 2028.
The summary of the RCF Amendment is qualified in its entirety by reference to the full text of the RCF Amendment, a copy of which will be attached as an exhibit to the Company’s annual report on Form 10-K for the fiscal year ended December 28, 2024.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth above in Item 1.01 is incorporated by reference to this Item 2.03.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
| Date: February 11, 2025 | KinderCare Learning Companies, Inc. | |||||
| By: | /s/ Anthony Amandi | |||||
| Name: | Anthony Amandi | |||||
| Title: | Chief Financial Officer | |||||