24 Hour Fitness $600 million term loan price talk comes in at 98.5

By Paul A. Harris

St. Louis, March 30 - 24 Hour Fitness Worldwide Inc. talked its $600 million six-year term loan with a coupon of Libor plus 400 bps at a reoffer price of 98.50 on Tuesday, according to a market source.

The deal features a 2% Libor floor.

JPMorgan, Deutsche Bank and Wells Fargo are taking part in the syndication.

The $675 million credit facility also contains a $75 million five-year revolver.

Proceeds will be used to refinance existing debt.

24 Hour Fitness is a San Ramon, Calif., fitness center company.

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