F45 Training enters into $90 million 5.5-year term loan

By Wendy Van Sickle

Columbus, Ohio, Feb. 15 – F45 Training Holdings Inc. entered into a credit agreement on Feb. 14 for a $90 million 5.5-year term loan, 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.

Alter Domus (US) LLC is administrative agent. The lender group consists of existing stockholders of F45 led by affiliates of Kennedy Lewis Management LP, the investment manager to significant stockholders of the company and party to the company’s third amended and restated stockholders’ agreement.

The loan came at an original issue discount of 3%, payable in kind. Interest is 12% per annum, also payable in kind.

Proceeds will be used to pay down the company’s existing revolving credit facility with JPMorgan Chase Bank, NA, to pay down other liabilities and for general corporate purposes.

In connection with the new credit agreement, the company amended its existing credit agreement to provide for a $68 million term loan and a $2 million revolver with an interest rate of SOFR plus 550 basis points per annum and a two-year term.

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

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