Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Life Time Inc. > News item |
S&P lifts Life Time, rates loan BB-
S&P said it raised its issuer rating for Life Time Inc. to B from B- and its debt ratings a notch. The agency also assigned BB- and 1 recovery ratings (90%-100%; rounded estimate: 95%) to the company’s just launched first-lien senior secured term loan B.
“The upgrade reflects our expectation that Life Time's leverage will decline to the mid-5x area by the end of 2023. Our base-case forecast assumes the company's dues and center memberships increase by approximately 10% as of year-end 2023, compared with year-end 2022, though its memberships will still be approximately 5% below its results as of year-end 2019. We anticipate Life Time will continue to increase its member tally by the mid-single-digit percent range in 2024 and onward,” S&P said in a statement.
The company plans to use the loan to refinance its senior secured first-lien term loan B and extend its maturity to 2026 from 2024.
The outlook is positive.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.