24 Hour Fitness seeks loan amendment to revise covenants, pricing

By Sara Rosenberg

New York, Nov. 7 - 24 Hour Fitness Worldwide Inc. launched an amendment to its credit facility on Monday to loosen leverage and interest coverage ratios and lower capital expenditures requirements, according to a market source.

In return for the covenant changes, lenders are being offered an increase in pricing to Libor plus 550 basis points from Libor plus 475 bps and a 25 bps consent fee, the source said.

J.P. Morgan Securities LLC is leading the amendment.

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

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