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Town Sports talks $300 million term loan B at Libor plus 425 bps
By Sara Rosenberg
New York, May 15 - Town Sports International Holdings Inc. launched its $300 million term loan B on Tuesday with price talk of Libor plus 425 basis points with a 1.25% Libor floor, according to a market source.
The loan has 101 soft call protection for one year, the source said.
Commitments are due on May 22.
Deutsche Bank Securities Inc. and KeyBanc Capital Markets LLC are the lead banks on the deal.
Proceeds will be used to reprice an existing term loan B from Libor plus 550 bps with a 1.5% Libor floor.
When done in May 2011, the existing loan was sold at an original issue discount price of 99 and included hard call protection of 102 in year one and 101 in year two.
Town Sports is a New York-based owner and operator of fitness clubs.
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