Latham Represents Life Time in Upsized US$500 Million Senior Secured Notes Offering and US$1 Billion of New Term Loans

Life Time Group Holdings, Inc. (NYSE: LTH) has announced that its indirect subsidiary, Life Time, Inc. (the Issuer), priced its previously announced private offering (the Offering) of US$500 million in aggregate principal amount of 6.000% senior secured notes due 2031 (the Notes). The Offering was upsized from US$400 million to US$500 million in aggregate principal amount. The Offering is expected to close on November 5, 2024, subject to customary closing conditions. Concurrently with the closing of the Offering, the Issuer intends to amend its existing credit agreement to incur new term loans maturing in 2031 in an aggregate principal amount of US$1 billion (the New Term Loan Facility) and amend certain other provisions of its existing credit agreement. Borrowings under the New Term Loan Facility will bear interest at a rate per annum of the secured overnight financing rate plus an applicable margin of 2.50% (subject to a certain ratings-based step-down).

Latham & Watkins LLP represents Life Time in the offering with a capital markets team led by Washington, D.C./New York partner Jason Licht and Washington, D.C. counsel Christopher Cronin and Jessica Lennon, with associate Thalia Garcia. Advice was also provided on banking matters by New York partner Scott Ollivierre, with associates Jordan Gratch and Nicholas Alston; and on tax matters by Chicago partners Rene de Vera and Joseph Kronsnoble, with associate Valerie Silva Parra.