Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers 2 > Headlines for 24 Hour Fitness Worldwide Inc. > News item |
24 Hour Fitness cuts spread on $585 million loan to Libor plus 400 bps
By Sara Rosenberg
New York, April 22 - 24 Hour Fitness Worldwide Inc. lowered pricing on its $585 million term loan B due April 2016 to Libor plus 400 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.
Also, a pricing step-down was added to Libor plus 375 bps when senior leverage is less than 2.75 times, the source said. Senior leverage as of Dec. 31 was around 3.2 times.
As before, the loan has a 1.25% Libor floor, a par offer price and 101 soft call protection for one year.
Recommitments were due at 5 p.m. ET on Monday, the source added.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to reprice/refinance an existing term loan B.
24 Hour Fitness is a San Ramon, Calif.-based fitness-club operator.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.