Moody's gives 24 Hour Fitness loan Ba2

Moody's Investors Service said it assigned a Ba2 to the proposed $675 million senior secured credit facility of 24 Hour Fitness Worldwide, Inc. and affirmed the B2 corporate family rating.

The outlook remains negative.

According to Moody's, the proceeds from a $600 million secured term loan B facility will be used to refinance the existing term loan facility and pay related fees and expenses.

A new $75 million revolving credit facility will replace the existing $100 million revolver, the agency said.

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