Life Time Debt Upgraded by Moody’s; Company Closes on $45 Million Sale-Leaseback Transaction
Posted: August 24, 2023 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Group Holdings, Inc. (“Life Time” or the “Company”) (NYSE: LTH) announces that Moody’s Investor Service (“Moody’s”) has upgraded the company’s issuer credit rating to ‘B2’ from ‘B3.’ As reasons for the upgrade, Moody’s cited the company’s improving performance, including membership, revenue and EBITDA trends, and steps the cmpany is taking to continue to improve its balance sheet and reduce leverage.
The company also announced today that it has closed on a sale-leaseback transaction for approximately $45 million in gross proceeds. The transaction involved one property and was with an institutional real estate investor that has completed multiple sale-leaseback transactions with the Company. The Company has now closed on all of the $123 million of previously announced sale-leaseback transactions through August 24, 2023.
