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S&P trims 24 Hour Fitness loans
S&P said it lowered All Day AcquisitionCo LLC’s (24 Hour Fitness) issue-level credit rating on the company's $235 million senior secured facilities to CCC- from CCC and revised the recovery rating to 4 from 2 on lower recovery prospects for senior secured lenders. The agency also affirmed 24 Hour Fitness’ CCC- rating.
S&P noted 24 Hour Fitness amended its senior secured credit facility to allow for a $35 million incremental committed and drawn debt issuance, and to allow an uncommitted $40 million issuance with the approval of lenders holding at least 50% of its debt.
“We believe substantial uncertainty exists about where the company's membership base could stabilize. 24 Hour Fitness ended the second quarter of 2021 with approximately 2.4 million members, which is down about 11% compared to the first quarter of 2021, and down about 14% compared to its year-end 2020 memberships,” S&P said in a press release.
The outlook is negative.
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