Life Time returns with $475 million 5.25-year notes; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 28 – Life Time Inc. plans to price a $475 million offering of 5.25-year senior notes (Caa3/CCC-) in a Thursday drive-by trailing a mid-morning conference call with investors, according to market sources.

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

The Rule 144A and Regulation S for life notes come with two years of call protection.

The Chanhassen, Minn.-based operator of athletic resorts plans to use the proceeds to refinance its 8½% notes due 2023 and for general corporate purposes.

Life Time's unsecured offering comes just two weeks after the company priced a $925 million issue of 5¾% senior secured notes due 2026 (B3/B-) on Jan. 14.

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