United Planet firms first-lien term debt at Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 6 – United Planet Fitness (United PF Holdings LLC) set pricing on its $525 million seven-year first-lien term loan (B1/B) and $65 million delayed-draw first-lien term loan (B1/B) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

Also, the original issue discount on the term loan debt was changed to 99.5 from 99, the source said.

The first-lien term loan debt still has a 0% Libor floor and 101 soft call protection for one year.

The delayed-draw term loan has a ticking fee of half the spread from days 45 to 90 and the full spread thereafter.

Commitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

The company’s $746 million of credit facilities also include a $40 million five-year revolver (B1/B) and a $116 million eight-year privately placed second-lien term loan (Caa1/CCC+).

Jefferies LLC, Antares Capital and Fifth Third are the arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by American Securities.

United Planet Fitness is an Austin, Tex.-based operator of Planet Fitness Clubs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.