F45 Training gets restated $90 million five-year secured revolver

By Marisa Wong

Los Angeles, Aug. 16 – F45 Training Holdings Inc. entered into an amended and restated credit agreement on Aug. 13 for a $90 million five-year senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates the company’s existing credit agreement dated Sept. 18, 2019.

JPMorgan Chase Bank, NA is lead arranger, bookrunner and administrative agent.

Under the restated credit agreement, the company may increase total revolving commitments by an aggregate amount of up to $35 million.

Amounts outstanding accrue interest at Libor plus a margin of 250 basis points to 350 bps, depending on the company’s total leverage ratio.

In addition, the credit agreement contains financial covenants that require the company to maintain a net funded debt to EBITDA ratio not greater than 3.00 to 1.00 and an EBITDA to fixed charge of at least 1.25 to 1.00.

Proceeds will be used for general corporate purposes.

F45 is a fitness center franchisor and operator based in Los Angeles.

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