Moody's assigns Life Time loan B2

Moody's Investors Service said it assigned a B2 rating to Life Time, Inc.'s just launched $274 million first-lien term loan due January 2026.

The company's other ratings including the B3 corporate family rating, the B3-PD probability of default rating, B2 ratings for its first-lien credit facilities, revolver and term loan, and senior secured notes, Caa2 rating on its unsecured notes and stable outlook are not affected, the agency said.

The loan will be used to repay the first-lien term loan due December 2024. “The existing ratings are not impacted reflecting a leverage neutral transaction,” Moody’s said in a statement.

The agency said it will withdraw the rating on the outstanding term loan once it is repaid.

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