EXHIBIT 99 |
Investor Contact: Michael Robinson – 952-229-7427 orir@lifetimefitness.com
Media Contact: Jason Thunstrom – 952-229-7435 orjthunstrom@lifetimefitness.com
LIFE TIME FITNESS ANNOUNCES NEW $200 MILLION CREDIT FACILITY
EDEN PRAIRIE, Minn. (April 21, 2005)– – Life Time Fitness, Inc. (NYSE: LTM), a national operator of large and distinctive health and fitness centers, today announced that it has entered into a $200 million, five-year revolving credit facility with a syndicate of eight banks, including U.S. Bank, N.A. as lead arranger, and JPMorgan Chase Bank, N.A. as syndication agent.
Additional members of the syndicate include M&I Marshall & Ilsley Bank, National City Bank of the Midwest, Merrill Lynch Capital, Harris Trust and Savings Bank, Associated Bank, N.A., and MB Financial Bank, N.A.
The revolving credit facility bears interest at LIBOR plus a spread of 100 to 200 basis points based on the Company’s consolidated leverage ratio. The facility will be used by the Company to refinance its existing revolving credit facility, finance the construction and development of new centers, and for other general corporate purposes.
The new agreement replaces the Company’s existing $55 million revolving credit facility, led by Antares Capital Corporation, and $75 million construction credit facility, led by U.S. Bank, N.A.
“We are pleased with this new credit facility, which provides us with substantial additional resources to pursue our growth objectives,” said Michael Robinson, chief financial officer, Life Time Fitness, Inc. “We believe that the attractive credit facility pricing and support received in syndication is indicative of the strong confidence in our business model and growth plan.”
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LIFE TIME FITNESS ANNOUNCES NEW $200 MILLION CREDIT FACILITY – Page 2
About Life Time Fitness, Inc.
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