Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3' - S&P Global Ratings’ Credit Research

Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3'

Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3' - S&P Global Ratings’ Credit Research
Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3'
Published Nov 16, 2020
4 pages (1629 words) — Published Nov 16, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Nov. 16, 2020--S&P Global Ratings today lowered its issue-level ratings on Fitness International LLC's (LA Fitness) senior secured revolving credit facility, term loan A, and term loan B to 'CCC+' from 'B-' and revised its recovery ratings on the facilities to '3' from '2' due to reduced recovery prospects for existing lenders following the issuance of a $300 million Main Street loan, which is pari passu to existing facilities. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. The company's $300 million Main Street Loan follows standard terms for the U.S. Federal Reserve's Main Street lending program, including amortization of 15%

  
Brief Excerpt:

...Fitness International LLC Senior Secured Issue-Level Rating Lowered To '###+'; Recovery Rating Revised To '3'...

  
Report Type:

Ratings Action

Issuer
Fitness International, LLC
GICS
Leisure Facilities (25301030)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3'" Nov 16, 2020. Alacra Store. May 01, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Fitness-International-LLC-Senior-Secured-Issue-Level-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-3-2571880>
  
APA:
S&P Global Ratings’ Credit Research. (). Fitness International LLC Senior Secured Issue-Level Rating Lowered To 'CCC+'; Recovery Rating Revised To '3' Nov 16, 2020. New York, NY: Alacra Store. Retrieved May 01, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Fitness-International-LLC-Senior-Secured-Issue-Level-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-3-2571880>
  
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