24 Hour Fitness $340 million credit facility to launch Tuesday

By Sara Rosenberg

New York, Nov. 3 - 24 Hour Fitness Worldwide Inc. is scheduled to hold a bank meeting on Tuesday for a proposed $340 million senior secured credit facility (B1), according to a company spokesman. JPMorgan and Credit Suisse First Boston are the co-agents and joint bookrunners on the deal.

The facility consists of a $65 million five-year revolver and a $275 million six-year term loan B.

Proceeds will be used to refinance the company's existing credit facility, extending maturities and improving the spread over Libor from the current level, the spokesman said.

24 Hour Fitness is a San Ramon, Calif., owner and operator of a fitness center chain.

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