Life Time talks $750 million five-year secured notes at 6% area yield; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 13 – Life Time Inc. talked its $750 million offering of five-year senior secured notes (B3/B-) to yield in the 6% area, according to market sources.

Official talk comes tight to initial guidance in the low-to-mid 6% area.

The deal is set to price on Thursday

Left lead bookrunner Deutsche Bank Securities Inc. will bill and deliver. BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Jefferies LLC are the joint bookrunners.

The notes come with two years of call protection.

The Chanhassen, Minn.-based operator of athletic resorts plans to use the proceeds to support a plan of amendment and extension of an existing term loan.

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