Life Time launches $1.32 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Oct. 30 – Life Time Inc. launched on Monday with no lender call a $1,321,000,000 covenant-light term loan B due June 15, 2022 with price talk of Libor plus 275 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan will include 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 300 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Nov. 7, the source added.

Life Time is a Chanhassen, Minn.-based operator of sports, professional fitness, family recreation and spa destinations.

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