Town Sports to launch $271 million term loan repricing on Monday

By Sara Rosenberg

New York, Aug. 9 - Town Sports International Holdings Inc. is set to hold a conference call on Monday to launch a repricing of its $271 million term loan, according to sources.

Under the proposal, the company will ask to reduce pricing to Libor plus 450 basis points with a 1.25% Libor floor from Libor plus 550 bps with a 1.5% floor, the source said.

The repriced loan will have 101 soft call protection for one year.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch and KeyBanc Capital Markets LLC are leading the repricing.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.