Town Sports International Holdings CLUB,
announced today that it has successfully completed a repricing of its
currently outstanding $270.7 million senior secured term loan, reducing
current interest rates on the term loan by a total of 125 basis points. The
repricing was effected through an amendment to the Company's existing credit
agreement. The amendment reduced the applicable margin on the initial term
loans from 4.50% to 3.50% for Base Rate Loans and from 5.50% to 4.50% for
Eurodollar Loans and reduced the interest rate floor on the initial term loans
from 2.50% to 2.25% for Base Rate Loans and from 1.50% to 1.25% for Eurodollar
Loans. The credit agreement was also amended to convert the existing voluntary
prepayment penalty from a 101 hard call provision, originally scheduled to end
in May 2013, to a 101 soft call provision ending in August 2013. All other
principal provisions, including maturity and covenants under the Company's
existing credit agreement, comprised of the term loan facility and a $50
million revolving credit facility, remain unchanged.
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