Town Sports expects to obtain new loan and bonds to refinance debt and stock

By Sara Rosenberg

New York, March 18 - Town Sports International anticipates using new senior bank and high yield debt to refinance some or all of its existing debt and preferred stock.

The refinancing is part of the company's plans to undertake a recapitalization.

"Details regarding the terms and timing of the recapitalization have not yet been determined," a news release said.

Town Sports is a New York owner and operator of health clubs.

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