Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Sports Club Co. > News item |
Sports Club looking to retire $100 million senior secured notes, seeking new financing
By E. Janene Geiss
Philadelphia, Oct. 5 - The Sports Club Co., Inc. is putting together a deal to retire its $100 million senior secured notes with the sale of six of its nine sports clubs and new financing, according to the company's 8-K form filed Oct. 5 with the Securities and Exchange Commission.
The Los Angeles-based company has arranged to sell some of its facilities to an affiliate of Millennium Partners, a major stockholder and landlord at four of these clubs, for $65 million.
As part of the transaction, The Sports Club said in the filing that it intends to arrange for new financing secured by its real property in West Los Angeles and use a portion of the proceeds from the asset sale and the new financing to retire the senior secured notes.
The company said in the filing that a previous announcement that it would go "private" will not be completed in connection with the sale of assets and debt restructuring. But, The Sports Club said it may consider future transactions to retire some of its outstanding common or preferred stock.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.