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Life Time Debt Upgraded by S&P Global; Completes Term Loan B Refinancing

Posted: May 9, 2023 in Chains

Life Time  - The Healthy Way Of Life CompanyLife Time – The Healthy Way Of Life Company

CHANHASSEN, MN – Life Time Group Holdings, Inc. (“Life Time” or the “Company”) (NYSE: LTH) announces that S&P Global Ratings (“S&P Global”) has upgraded the Company’s issuer credit rating to ‘B’ from ‘B-‘. As reasons for the upgrade, S&P Global cited improving performance, including membership, revenue and EBITDA trends and steps the Company is taking to continue to improve its balance sheet and reduce leverage.

S&P Global also issued a debt upgrade notice for the Company on January 23, 2023:

Life Time Group Holdings, Inc. (“Life Time” or the “Company”) (NYSE: LTH) also announces 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.

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