Fitness International ups term loan B spread to SOFR plus 525 bps

By Sara Rosenberg

New York, Feb. 5 – Fitness International LLC increased pricing on its $675 million five-year term loan B to SOFR plus 525 basis points from SOFR plus 475 bps, according to a market source.

Also, the original issue discount on the term loan B firmed at 97, the wide end of the 97 to 98 talk, the source said.

The term loan B still has a 0% floor, 101 soft call protection for six months and 0 bps CSA.

The company’s $1.275 billion of credit facilities (B1/B+) also include a $300 million revolver and a $300 million term loan A.

BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG, JPMorgan Chase Bank and Antares Capital are the arrangers on the deal.

Commitments for the term loan B were scheduled to be due at noon ET on Monday, the source added.

Proceeds will be used with cash on hand to refinance the company’s existing credit facilities.

Fitness International is an Irvine, Calif.-based owner-operator of fitness clubs.

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