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LA Fitness readies launch of $1.5 billion term loan B for Thursday
By Sara Rosenberg
New York, June 10 – LA Fitness International LLC is set to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $1.5 billion six-year covenant-light term loan B, according to a source.
Bank of America Merrill Lynch, BNP Paribas Securities Corp. and Barclays are the lead banks on the deal.
Amortization on the term loan B is 1% per annum, the source said.
Proceeds will be used to refinance existing debt, fund a one-time repurchase of equity interests and for general corporate purposes.
LA Fitness is an Irvine, Calif.-based health club chain.
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