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Moody's assigns 24 Hour Fitness loans Ba3
Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to 24 Hour Holdings III LLC, as well as Ba3 ratings to the company's proposed senior secured facilities.
The proceeds will be used in conjunction with the acquisition of 24 Hour Fitness Worldwide, Inc. by private equity group AEA Investors LP and Ontario Teachers' Pension Plan.
The outlook is stable.
In March, AEA and Ontario Teachers' Pension Plan signed an agreement to acquire 24 Hour Fitness with an expected closing date in the second quarter of 2014. 24 Hour Holdings III LLC will be the initial borrower, but 24 Hour Fitness Worldwide, Inc. will be the borrower after the transaction closes.
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