Moody’s assigns Life Time notes Caa3

Moody’s Investors Service said it gave a Caa3 rating to Life Time, Inc.’s planned $475 million of senior unsecured notes due 2026.

Life Time will use the proceeds to refinance its $450 million of senior unsecured notes.

“The refinancing of its senior unsecured notes extends the unsecured maturity profile from 2023 to 2026, which Moody’s views as credit positive. With the successful completion of this transaction, Life Time will have no meaningful maturities until its revolver expires in September 2024. Life Time’s existing ratings are not affected because debt, leverage, cash interest expense and liquidity are not changing materially,” the agency said in a press release.

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