Equinox Holdings increases incremental term loan to $225 million

By Sara Rosenberg

New York, March 5 – Equinox Holdings Inc. upsized its incremental covenant-light term loan B (B1/B+) due March 2024 to $225 million from $200 million, according to a market source.

Pricing on the incremental term loan is Libor plus 300 basis points with an original issue discount of 98.8.

The loan has 101 soft call protection for six months.

Earlier in syndication, pricing on the incremental loan was lowered from talk in the range of Libor plus 375 bps to 400 bps, the discount was revised from 99, the maturity was changed from seven years and the debt was made into a fungible tranche from a non-fungible tranche.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., City National Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs Bank USA are the leads on the deal.

Proceeds will be used for capital expenditures associated with new club openings and for general corporate purposes.

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

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