Town Sports to launch $350 million credit facility on Thursday

By Sara Rosenberg

New York, April 6 - Town Sports International Holdings Inc. is set to hold a bank meeting at 2 p.m. ET on Thursday at the W Hotel in New York to launch a $350 million senior secured credit facility, according to a market source.

Deutsche Bank Securities Inc. and KeyBanc Capital Markets LLC are the lead banks on the deal, with Deutsche the left lead.

The facility consists of a $300 million seven-year term loan B and a $50 million revolver.

Proceeds will be used to repay an existing credit facility and to redeem the company's 11% senior discount notes due 2014.

Town Sports is a New York-based owner and operator of fitness clubs.

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