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S&P rates 24 Hour Fitness loans B
Standard & Poor's said it assigned its B bank loan rating with a recovery rating of 3 to 24 Hour Fitness Worldwide Inc.'s amended $480 million senior secured credit facilities. All other existing ratings were affirmed.
The proceeds, together with cash on the balance sheet, will be used to retire $120 million in senior subordinated notes and $68.3 million in junior subordinated notes. The outlook is positive.
S&P said the ratings reflect 24 Hour Fitness' debt-financed growth strategy, its high financial risk and the competitive pressures of the fitness club industry.
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