Life Time Fitness, Dell, Physiotherapy, Penn Engineering break; J. Crew falls on earnings

By Sara Rosenberg

New York, June 4 – Life Time Fitness Inc. (LTF Merger Sub Inc.) firmed the spread on its term loan B at the low end of revised guidance, and the debt emerged in the secondary market on Thursday above its original issue discount.

The company finalized pricing on its $1.25 billion seven-year covenant-light term loan B at Libor plus 325 basis points, the tight end of the revised Libor plus 325 bps to 350 bps talk and down from initial talk of Libor plus 350 bps to 375 bps, according to a market source.

In the secondary market, the term loan B was seen quoted at 99¾ bid, par offered, a trader said.

In more trading happenings, deals from Dell Inc., Physiotherapy Associates and Penn Engineering & Manufacturing Corp. freed up.

In addition, J. Crew Group Inc.’s term loan was softer with the release of disappointing first-quarter earnings. The company said it expects reduced profitability of its J. Crew reporting unit through fiscal 2015, driven primarily by performance of women’s apparel and accessories.

Back in the primary market, Capstone Logistics LLC lowered the spread on its incremental first-lien term loan and made the debt fungible with its existing loan, and Aristotle Corp. and Ascend Learning released talk with launch.

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