Published on 1/14/2021 in the Prospect News High Yield Daily.
New Issue: Life Time prices upsized $925 million five-year secured notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Jan. 14 – Life Time Inc. priced an upsized $925 million issue of five-year senior secured notes (B3/B-) at par to yield 5¾% on Thursday, according to market sources.
The issue size increased from $750 million.
The yield printed 12.5 basis points tighter than yield talk in the 6% area. Initial guidance was in the low-to-mid 6% area.
Left lead bookrunner Deutsche Bank Securities Inc. will bill and deliver. Joint bookrunners were 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.
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.
| Issuer: | Life Time Inc.
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| Amount: | $925 million, increased from $750 million
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| Tenor: | Five years
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| Securities: | Senior secured notes
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| Left lead bookrunner: | Deutsche Bank Securities Inc. (bill and deliver)
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| Joint bookrunners: | 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
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| Coupon: | 5¾%
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| Price: | Par
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| Yield: | 5¾%
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| Call protection: | Two years
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| Trade date: | Jan. 14
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| Ratings: | Moody's: B3
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| S&P: B-
|
| Distribution: | 6% area
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| Marketing: | Roadshow
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