Life Time launches $925 million term loan B at Libor plus 475 bps

By Sara Rosenberg

New York, Jan. 11 – Life Time Inc. held a lender call at 2 p.m. ET on Monday to launch a $925 million covenant-lite term loan B due December 2024 that is talked at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 hard call protection for one year and then 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc., Mizuho, U.S. Bank, BMO Capital Markets, Nomura, BofA Securities Inc., Macquarie Capital (USA) Inc., Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., RBC Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $750 million of new senior secured debt to amend and extend from June 2022 an existing term loan B.

Life Time is a Chanhassen, Minn.-based operator of athletic resorts.

© 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.