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Life Time readies launch of $500 million term loan B for Wednesday
By Sara Rosenberg
New York, July 30 – Life Time Inc. is set to hold a lender call at 2 p.m. ET on Wednesday to launch a $500 million seven-year covenant-lite term loan B, according to a market source.
Wells Fargo Securities LLC is the left lead arranger on the deal.
The term loan is talked with 101 soft call protection for six months and amortization of 1% per annum, the source said.
Security is a first priority interest in substantially all tangible and intangible assets, including real estate and capital stock of subsidiaries, of the borrower and the guarantors.
Commitments are due at 1 p.m. ET on Aug. 9, the source added.
Proceeds will be used to repay 8½% senior notes due June 15, 2023 and to pay transaction related fees and expenses.
Leonard Green & Partners and TPG Capital are the sponsors.
Life Time is a Chanhassen, Minn.-based operator of sports, professional fitness, family recreation and spa destinations.
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