Life Time Completes Term Loan B Refinancing
Maturity Extended to January 15, 2026; Upsized on Strong Demand
CHANHASSEN, Minn., May 9, 2023 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time" or the "Company") (NYSE: LTH) announced today that it has completed the refinancing of its $274 million Term Loan B facility. In addition to extending the maturity to January 15, 2026, the Company increased the facility to $310 million as a result of strong demand.
In connection with this refinancing, the Company's term loan facility converted from LIBOR to SOFR. The new Term Loan B rate is SOFR plus a credit spread adjustment plus the same 4.75% spread, with a 0.5% SOFR floor and priced at 99.5. The incremental net proceeds will be used by the Company to repay in full the outstanding balance on the Company's $475 million revolver and for general corporate purposes.
About Life Time®
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs across the United States and Canada. The company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 30,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.
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SOURCE Life Time Group Holdings, Inc.
Released May 9, 2023