Equinox ups spread on $150 million add-on term B to Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 24 – Equinox Holdings Inc. raised pricing on its $150 million add-on term loan B (B1/B) to Libor plus 375 basis points from Libor plus 350 bps and eliminated a 25 bps step-down at less than 3.75 times leverage, according to a market source.

Also, the 101 soft call protection on the loan was extended to one year from six months, the source said.

The term loan still has a 1.25% Libor floor and an original issue discount of 99.

Recommitments were due on Monday, the source added.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used for general corporate purposes, including a dividend payment.

With the add-on, the company’s existing B loan will be amended and lenders are being offered a 25 bps consent fee.

Equinox is a New York-based exercise and fitness company.

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