PF Growth finalizes $200 million of term loans at discount of 99

By Sara Rosenberg

New York, July 2 – PF Growth Partners set the original issue discount on its $170 million six-year first-lien term loan and $30 million six-year delayed-draw first-lien term loan at 99, the wide end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loans remained at Libor plus 500 basis points with a 0% Libor floor.

The term loans have 101 soft call protection for one year and leverage and fixed charge coverage ratio covenants.

The company’s $205 million of credit facilities also include a $5 million revolver.

Fifth Third Bank is the lead arranger on the deal that allocated on Monday.

Proceeds will be used to refinance existing debt, pay a dividend and fund club growth and acquisitions.

PF Growth is an operator of Planet Fitness.

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