Life Time expands revolver to $475 million, extends maturity

By Marisa Wong

Los Angeles, Dec. 6 – Life Time, Inc. and some of its wholly owned subsidiaries, each of which is a wholly owned subsidiary of Life Time Group Holdings, Inc., entered into a ninth amendment on Dec. 2 to the existing credit agreement dated June 10, 2015, according to an 8-K filing with the Securities and Exchange Commission.

Among other things, the amendment increases commitments under the revolving credit facility to $475 million and extends the maturity date of the revolver to Dec. 2, 2026.

However, the maturity will be Sept. 22, 2024 if the borrower has not refinanced or amended its outstanding term loan facility by that date; Oct. 16, 2025 if the borrower has at least $100 million remaining outstanding on its senior secured notes on that date; and Jan. 14, 2026 if the borrower has at least $100 million remaining outstanding on its senior unsecured notes on that date.

Loans under the revolver will continue to bear interest at Libor plus an applicable margin of 425 basis points. The applicable margins will decrease to 400 bps and 350 bps upon achieving specified first-lien net leverage thresholds.

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

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