S&P assigns B+ rating to Life Time loan

S&P said it assigned a B+ rating to Life Time Inc.’s proposed $500 million term loan B due 2026.

Proceeds will be used to call the company $450 million of notes due 2023.

The agency said it affirmed the company’s B rating because the new loan refinances existing debt.

The increase in secured claims means lower recovery prospects for secured creditors, S&P said. It revised the secured debt recovery rating to 2 from 1.

The outlook is stable.

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