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Town Sports to repay loan, redeem 11% notes with new credit facility
By Toni Weeks
San Diego, April 6 - Town Sports International, LLC will repay its existing credit agreement dated Feb. 27, 2007 and fully redeem its 11% senior discount notes due 2014 with the proceeds from a planned $350 million senior secured credit facility for which the company is soliciting lenders, according to a press release.
The new facility will consist of a term loan facility and a revolving credit facility. Town Sports is seeking to complete the transaction during the second quarter, subject to satisfactory pricing and market conditions.
Town Sports is a subsidiary of New York-based Town Sports International Holdings, an owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States.
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