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Life Time withdraws $500 million term loan B from market
By Sara Rosenberg
New York, Aug. 9 – Life Time Inc. decided to postpone its $500 million seven-year covenant-lite term loan B (B2/B+) due to market conditions, according to a market source.
The term loan B was talked at Libor plus 275 basis points with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.
Wells Fargo Securities LLC was the left lead arranger on the deal.
Proceeds were going to 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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