Town Sports International Holdings Announces Repricing of Its $270.7M Senior Secured Loan

Town Sports International Holdings

, 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.