Bally seeks $90 million revolver via existing bank group

By Sara Rosenberg

New York, June 18 - Bally Total Fitness Holding Corp. plans on obtaining a new $90 million senior secured revolver concurrently with the closing of a $200 million senior note offering. The company intends to use its existing bank group for the new loan.

Participants in the existing bank group include JPMorgan Securities Inc. as the lead arranger and sole bookrunner, Deutsche Bank as the documentation agent and LaSalle Bank as the syndication agent.

The Chicago fitness center operator intends to use proceeds from the note offering, and if necessary borrowings under the new revolver, to repay all outstanding borrowings under its existing credit facility, including the remaining balance of its existing term loan due November 2004, and to pay related fees and expenses, according to a news release.

The transactions are expected to close in early July.

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