Life Time reduces term loan B amount to $850 million

By Sara Rosenberg

New York, Jan. 15 – Life Time Inc. downsized its covenant-lite term loan B due December 2024 to $850 million from $925 million, according to a market source.

Pricing on the term loan remained at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99.

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

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.

Proceeds will be used with $925 million of senior notes, upsized from $750 million, to amend and extend from June 2022 an existing term loan B and, as a result of the extra funds raised, to add cash to the balance sheet.

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

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