BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the three months and full fiscal year ended September 30, 2024.

“Fourth quarter results reconfirmed the delivery of a breakout year in fiscal 2024 as we continue to transform this business.  Our One BrightView culture is gaining traction, and we are positioned for fiscal 2025 to be a second consecutive record year,” said BrightView President and Chief Executive Officer Dale Asplund. “Our multi-faceted transformation has positioned us to prioritize our employees and customers and reinvest in our business, ultimately leading to sustainable growth and value creation for all of our stakeholders.”

Read the full report here.

In a powerful show of solidarity, BrightView (NYSE: BV), the nation’s leading commercial landscaping company, is providing all 21,000 team members across the country with specially designed pink hats to wear throughout October in honor of Breast Cancer Awareness Month. This initiative not only equips BrightView’s teams, but also sends a bold, visible message of hope and support as employees work in communities nationwide.

As teams continue their critical work in the field, the sight of pink hats will draw attention to the importance of regular health screenings, early detection, and ongoing research.

“At BrightView, we believe in leveraging our national presence to make an impact, and there is no better time than Breast Cancer Awareness Month to show our support for those affected by breast cancer,” said Amanda Orders, Executive Vice President and Chief Human Resources Officer, BrightView. “By uniting our workforce under a single symbol of awareness — the pink hat — we hope to amplify the conversation and inspire action in the fight against this disease.”

In addition to this symbolic gesture, BrightView will make a charitable contribution to the Susan G. Komen for the Cure, a leading organization dedicated to eradicating breast cancer through research, education, and advocacy.

As BrightView employees work across diverse communities, from large cities to rural areas, the pink hats will serve as a reminder that breast cancer awareness is a shared responsibility. Together, we can make a difference.

BrightView Holdings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, announced today that the Company’s Board of Directors has declared a cash dividend of $9.0 million on its Series A Preferred Stock. The dividend represents payment for the period from June 30, 2024 to September 29, 2024, and will be paid on October 1, 2024 to holders of record as of September 15, 2024. Today’s dividend announcement marks the third consecutive quarterly cash payment made possible by the Company’s balance sheet flexibility and commitment to avoid the dilutive impact caused by payment in kind. 

On August 28, 2023, BrightView issued and sold an aggregate of 500,000 shares of its Series A Convertible Preferred Stock for an aggregate purchase price of $500 million. The Series A Preferred Stock is convertible into shares of BrightView common stock at a conversion price of $9.44 per share. Holders of the Series A Preferred Stock are entitled to a dividend at the rate of 7.0% per annum, compounding quarterly, paid in kind, or paid in cash, at the Company’s election.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the third quarter ended June 30, 2024.

"Third quarter served as another milestone as we continue to progress with our One BrightView initiatives and delivered margin improvement across all segments for both the quarter and the year-to-date results,” said BrightView President and Chief Executive Officer Dale Asplund. “Consequently, this positioned us to reaffirm the midpoint of our Revenue, EBITDA and Margin guidance for fiscal 2024, while raising our Free Cash Flow guidance for a second time this year. Our relentless pursuit to drive transformational change remains in the early innings as we continue down the path of positioning BrightView as the employer of choice, while providing better service to our customers and driving profitable growth."

Read the full report here.

BrightView Holdings, Inc. (NYSE: BV) (“Company”) today announced that its wholly-owned subsidiary, BrightView Funding LLC, has increased the overall size of its existing receivables financing agreement (the “Receivables Facility”) from $275 million to $325 million and extended its maturity date from June 2025 to June 2027. The Receivables Facility, a flexible source of debt and the Company’s least costly borrowing method, now includes an “accordion feature” that allows for an additional $100 million increase to the borrowing capacity. PNC Bank, National Association will continue to serve as administrative agent. 

The amendment to the Receivables Facility improves the leverage-based pricing tiers, reduces interest margin across all tiers, reduces the fee for unused capacity, and features an improved structure for better cash management and utilization. The new structure allows the Company to efficiently utilize its excess cash to pay down a portion of its debt under the facility, approximately $75 million. These changes, combined with improved pricing, are expected to result in interest expense savings of more than $5 million per year. 

“As with the recent repricing of our term loan, amending the Receivables Facility represents another opportunity to enhance our balance sheet flexibility and reduce costs,” said Brett Urban, BrightView Chief Financial Officer. “The success of achieving the tight-end target on the term loan reprice, and the favorable terms of this transaction, demonstrate the confidence of our lenders and investors. These actions exemplify our commitment to sustained profitable growth.”

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, 2023, 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.

BrightView Holdings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, announced today that the Company’s Board of Directors has declared a cash dividend of $8.91 million on its Series A Preferred Stock. The dividend represents payment for the period from March 31, 2024 to June 30, 2024, and will be paid on July 1, 2024 to holders of record as of June 15, 2024. Today’s dividend announcement marks the second consecutive quarterly cash payment made possible by the Company’s balance sheet flexibility and commitment to avoid the dilutive impact caused by payment in kind.

On August 28, 2023, BrightView entered into an investment agreement with an affiliate of One Rock Capital Partners, LLC, pursuant to which the Company issued and sold, in a private placement, an aggregate of 500,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $500 million. The Series A Preferred Stock is convertible into shares of BrightView common stock at a conversion price of $9.44 per share. Holders of the Series A Preferred Stock are entitled to a dividend at the rate of 7.0% per annum, compounding quarterly, paid in kind, or paid in cash, at the Company’s election.

History will be made June 20, when the San Francisco Giants and St. Louis Cardinals play in the first ever regular season Major League Baseball (MLB) game to be held at historic Rickwood Field in Birmingham, Ala. And BrightView (NYSE: BV), the nation’s leading commercial landscaping company, is playing a critical role by ensuring the field conditions meet current MLB standards.

As the Official Field Consultant of MLB, BrightView renovated the entire playing surface at Rickwood Field, the oldest ballpark in the country, which dates back to 1910.

Under the direction of Murray Cook, President of BrightView’s Sports Turf division, the overhaul of Rickwood’s field included removing the existing field, bringing in all new clay for the infield and warning tracks, replacing the infield and outfield grass with a new Bermuda Turfgrass called Tahoma31 and adding a new padded outfield wall, bullpens, foul poles, and netting along the foul lines. New dugouts were also installed and temporary field lighting added.

“In all my years of working these events, I’ve had the privilege of building and reconstructing some unique and amazing ballfields all around the world, but the history surrounding Rickwood Field makes this project extra special,” Cook said. “Baseball legends of both the Negro Leagues and MLB stood at home plate, and this game and overall environment will certainly be a great tribute to them.”

Special consideration had to be taken to keep Rickwood’s history and legacy intact, including the outfield fence that holds vintage advertising signs and the iconic scoreboard replicating the one from 1948.

“We had to be mindful of the existing, historical features of this field and stadium,” Cook said. “The outfield walls, for example, had to be padded for player protection, but our partners Populous and BaAm Productions were still able to keep the old signs intact through some unique branding methods. We did have to make some adjustments to the positioning of the field, which involved moving home plate back 10 feet and shifting the angle counterclockwise.”

Gameday Grounds Crew

BrightView not only rebuilt the playing surface, but will also maintain it. The BrightView team is responsible for keeping the playing surface groomed and ready for each of the three events to be played this week, including the minor league game, a celebrity softball game, and the MLB at Rickwood Field game. The grounds crew for the week will consist of eight BrightView team members, 24 locals volunteering as tarp crew, three members of the Friends of Rickwood grounds crew, and three local MiLB grounds crew from the Birmingham Barons and Rocket City Trash Pandas.

“I couldn’t be prouder of the exceptional work our team has accomplished at historic Rickwood Field for MLB’s tribute game to the Negro Leagues,” said Dale Asplund, BrightView President and Chief Executive Officer. “Murray Cook and our Sports Turf team has once again demonstrated their unparalleled dedication and craftsmanship by transforming Rickwood’s playing surface into a stunning and immaculate ballfield, ensuring what is to be a fantastic experience for players and fans alike.”

MLB at Rickwood Field Facts

• Removed 5,000 tons of material from original field
• Excavated 100 years of chalk from both foul lines, which solidified into a 10-inch thick mass
• 6,000 tons of sand, clay, and warning track material were used
• 120,000 square feet of sod was installed
• Moved home plate back 10 feet and the backstop wall forward 10 feet
• Outfield fence distance was changed to 325 feet in leftfield, 400 feet in centerfield, and 332 feet in rightfield
• Shifted entire field 5 feet counterclockwise

The MLB at Rickwood Field game is yet another special project in a long line of celebrated games that BrightView and MLB have collaborated on, including the recently completed London Series played at West Ham United F.C.’s soccer arena, London Stadium. Also, in 2024, BrightView will again manage the playing surface at historic Bowman Field for the Little League Classic; managed the Estadio Alfredo Harp Helú field for the Mexico Series; managed the Estadio Quisqueya field for the Dominican Republic Series; and renovated Gocheok Sky Dome for the MLB Seoul Series. The company has also worked with MLB to develop, construct, and maintain fields for notable games, such as MLB at Field of Dreams, Fort Bragg Game, Sydney Opening Series, Japan Opening Series, and Puerto Rico Series.

BrightView Holdings, Inc. (NYSE: BV) (“Company”) today announced that it has successfully completed a repricing of its $738,000,000 senior secured term loan (the “Term Loan”) due 2029. The repricing reduces the applicable interest rate on the Term Loan to Term SOFR plus 2.50%, down from the previous Term SOFR plus 3.00% to 3.25%. All other terms remain substantially unchanged. The Company estimates that repricing the Term Loan will produce cash interest expense savings of approximately $3.7 million annually. 

“Managing the balance sheet is nothing new,” said Brett Urban, BrightView Chief Financial Officer. “Where we have an opportunity to drive value, we will continue to execute and build on our commitment of profitable growth. Taking advantage of today’s market for term loan pricing is just the most recent example.”

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, 2023, 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.

BrightView Holdings, Inc. (NYSE: BV) (“BrightView”) today announced the pricing of an underwritten secondary offering by a selling stockholder affiliated with KKR & Co. Inc. (the “Selling Stockholder”) of 17,500,000 shares of common stock of BrightView pursuant to a registration statement filed by BrightView with the U.S. Securities and Exchange Commission (the “SEC”). No shares are being sold by BrightView. The Selling Stockholder will receive all of the proceeds from this offering. The offering is expected to close on May 23, 2024, subject to customary closing conditions.

KKR, Craig-Hallum, CJS Securities, Morgan Stanley, and Loop Capital Markets are acting as the active joint book-running managers for the offering. The underwriters intend to distribute the shares sold in the offering to a group of institutional investors led by T. Rowe Price Investment Management Inc.

A registration statement relating to these securities has been filed with the SEC and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus and accompanying prospectus for the offering may be obtained from; KKR Capital Markets LLC, by telephone at (212) 750-8300 or by email to [email protected]; Craig-Hallum, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, Attn: Equity Capital Markets, by telephone at (612) 334-6300 or by e-mail at [email protected]; CJS Securities, Attention: Prospectus Department, 50 Main Street, #325, White Plains, New York 10606, or by email at [email protected]; Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or Loop Capital Markets, 435 South Financial Place, Suite 2700, Chicago, Illinois 60607, or by email at [email protected]. You may also obtain these and the other documents referred to above for free by visiting the SEC’s website at www.sec.gov.

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, 2023, 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.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the second quarter ended March 31, 2024.

“During the quarter we continued to advance our strategy on profitable growth and a unified go-to-market offering under One BrightView. Our ability to deliver on these key initiatives resulted in an increase in revenue, and robust EBITDA growth and margin expansion,” said BrightView President and Chief Executive Officer Dale Asplund. “I am pleased to report we are reaffirming our breakthrough EBITDA guidance for fiscal 2024, while raising our Free Cash Flow guidance. Our ongoing commitment to investing in our employees, prioritizing the customer, and enhancing our operating structure, including the unwinding of non-core businesses, is making BrightView a stronger company that is better positioned to service our customers.” 

Read the full report here.