S&P rates 24 Hour Fitness DIP loan CCC+

S&P said it is assigning its point-in-time CCC+ issue-level rating to the $515 million debtor-in-possession facility – consisting of a $250 million new-money amount, $250 million roll-up and $15 million backstop commitment premium – provided to 24 Hour Fitness Worldwide Inc.

The company has been under Chapter 11 bankruptcy protection since its filing on June 15, 2020.

“The CCC+ issue-level rating primarily reflects our view of the credit risk borne by DIP term loan lenders and does not indicate ratings we may assign to exit facilities or the reorganized firm after it emerges from bankruptcy,” S&P said in a news release.

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