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24 Hour Fitness LBO loan to come from JPMorgan and Merrill Lynch
By Sara Rosenberg
New York, May 3 - JPMorgan and Merrill Lynch have agreed to provide senior loan financing for the leveraged buyout of 24 Hour Fitness Worldwide Inc. by Forstmann Little & Co., according to a news release.
In addition to the new loan, Forstmann plans on financing the approximately $1.6 billion transaction with more than $900 million from its equity and subordinated debt funds.
The transaction, which is expected to close in June, is subject to regulatory approval. It is not subject to financing.
24 Hour Fitness is a San Ramon, Calif., fitness center company.
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