Life Time Fitness talks downsized $450 million eight-year notes at 8¼% area; pricing Thursday

By Paul A. Harris

Portland, Ore., June 3 – Life Time Fitness Inc. downsized its offering of eight-year senior notes (Caa1/CCC+) to $450 million from $600 million, according to an informed source.

The notes are talked to price in the 8¼% area.

Books close at 10:30 a.m. ET on Thursday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner. Deutsche Bank Securities Inc., Jefferies LLC, BMO Capital Markets, RBC Capital Markets, Macquarie Capital (USA) Inc., Nomura and Mizuho are the joint bookrunners.

The notes come with three years of call protection.

Proceeds, along with new bank debt, sponsor equity and other equity contributions, sale-leaseback proceeds and cash on hand, will be used to help fund the buyout of the Chanhassen, Minn.-based company by Leonard Green & Partners and TPG and to repay bank debt.

Life Time Fitness operates sports, professional fitness, family recreation and spa destinations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.