Life Time Fitness and LTF Merger Sub, Inc. Announce Notes Offering
Posted: May 26, 2015 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Fitness, Inc. (NYSE:LTM), The Healthy Way of Life Company (“Life Time”), and LTF Merger Sub, Inc. (the “Issuer”), controlled by affiliates of Leonard Green & Partners and TPG Capital, L.P., announced that the Issuer intends to privately offer, subject to market and other conditions, $600 million in aggregate principal amount of its senior notes due 2023 (the “Notes”).
The net proceeds from the offering of the Notes will be used to fund a portion of the acquisition (the “Acquisition”) of Life Time by affiliates of Leonard Green & Partners, TPG Capital, L.P. and LNK Partners, and to pay certain related fees, commissions and expenses. Life Time will assume all of the obligations of the Issuer under the Notes upon the consummation of the Acquisition. Consummation of the Acquisition is subject to customary closing conditions. The offering and the actual terms of the Notes, including the interest rate, will depend on market and other conditions.
The notes being offered in the senior notes offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
