LA Fitness launches $780 million term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, Sept. 11 – LA Fitness (Fitness International LLC) held a lender call at 2 p.m. ET on Monday to launch a $780 million covenant-light term loan B due July 2020 that is talked at Libor plus 325 basis points to 350 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the lead bank on the deal.

Commitments are due on Friday, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 425 bps with a 1% Libor floor.

LA Fitness is an Irvine, Calif.-based non-franchised fitness club operator.

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