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Life Time Fitness to get new debt for buyout by Leonard Green and TPG
By Sara Rosenberg
New York, March 16 – Life Time Fitness Inc. plans on getting new debt financing to help fund its acquisition by Leonard Green & Partners and TPG, according to a news release.
Deutsche Bank Securities Inc., Goldman Sachs & Co., Jefferies, BMO Capital Markets, RBC Capital Markets, Macquarie Capital and Nomura are leading the debt.
Under the agreement, Life Time Fitness shareholders will get $72.10 per share in cash. The transaction is valued at more than $4 billion.
Other key investors in the buyout include LNK Partners and Life Time Fitness chairman, president and chief executive officer Bahram Akradi, who will remain in his role and has committed to make a rollover investment of $125 million in common stock.
Closing is expected in the third quarter, subject to shareholder approval and other customary conditions.
Life Time Fitness is a Chanhassen, Minn.-based operator of sports, professional fitness, family recreation and spa destinations.
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