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24 Hour Fitness to launch $585 million term loan B due 2016 on Friday
By Sara Rosenberg
New York, April 11 - 24 Hour Fitness Worldwide Inc. is scheduled to hold a call at 12:30 p.m. ET on Friday to launch a $585 million term loan B due April 2016, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
The term loan is talked at Libor plus 425 basis points to 450 bps with a 1.25% Libor floor and a par offer price, the source said.
Included in the loan is 101 soft call protection for one year.
Proceeds will be used to reprice an existing term loan.
24 Hour Fitness is a San Ramon, Calif.-based fitness-club operator.
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