Moody’s rates L.A. Fitness facilities B1

Moody's Investors Service said it assigned B1 ratings to Fitness International, LLC's (L.A. Fitness) proposed $337.5 million senior secured revolving credit facility due 2023, $900 million senior secured term loan A due 2023 and $700 million term loan B due 2025.

At the same time, the agency affirmed the company’s B2 corporate family rating and B3-PD probability of default rating.

The outlook remains stable.

Term loan proceeds, along with about $137 million of borrowings under the revolving credit facility, will be used to fully redeem the outstanding $337 million 6% preferred equity held by Seidler Institutional Partners and Madison Dearborn Partners as well as to refinance all of LA Fitness' existing debt.

© 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.