Life Time Group Holdings Enters Material Agreement
Ticker: LTH · Form: 8-K · Filed: Sep 23, 2024 · CIK: 1869198
| Field | Detail |
|---|---|
| Company | Life Time Group Holdings, INC. (LTH) |
| Form Type | 8-K |
| Filed Date | Sep 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $650 m, $100 million, $200.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: LTG
TL;DR
LTG just signed a big deal, creating a new financial obligation. Details in the filing.
AI Summary
Life Time Group Holdings, Inc. entered into a material definitive agreement on September 20, 2024. This agreement creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates a significant new financial commitment or obligation for Life Time Group Holdings, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — The creation of a new financial obligation can introduce financial risk if not managed effectively.
Key Players & Entities
- Life Time Group Holdings, Inc. (company) — Registrant
- September 20, 2024 (date) — Date of earliest event reported
FAQ
What type of material definitive agreement did Life Time Group Holdings, Inc. enter into?
The filing states that the company entered into a material definitive agreement, but the specific nature of the agreement is not detailed in the provided text.
What is the direct financial obligation created by this agreement?
The filing confirms the creation of a direct financial obligation for the registrant, but the specific details of this obligation are not provided in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on September 20, 2024.
What is the principal executive office address for Life Time Group Holdings, Inc.?
The principal executive offices are located at 2902 Corporate Place, Chanhassen, Minnesota 55317.
What is the SIC code for Life Time Group Holdings, Inc.?
The Standard Industrial Classification (SIC) code for Life Time Group Holdings, Inc. is 7997, which corresponds to SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS.
Filing Stats: 791 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-09-23 16:29:38
Key Financial Figures
- $0.01 — ich Registered Common stock, par value $0.01 per share LTH The New York Stock Exchan
- $650 m — under the revolving credit facility to $650 million, (ii) a reduction in the floating
- $100 million — ill be (a) October 16, 2025 if at least $100 million remains outstanding on the Borrower's s
- $200.0 million — remaining aggregate principal amount of $200.0 million of its term loan facility, and no borro
Filing Documents
- lth-20240920.htm (8-K) — 28KB
- thirteenthamendmentandcred.htm (EX-10.1) — 2485KB
- 0001869198-24-000038.txt ( ) — 3037KB
- lth-20240920.xsd (EX-101.SCH) — 2KB
- lth-20240920_lab.xml (EX-101.LAB) — 21KB
- lth-20240920_pre.xml (EX-101.PRE) — 12KB
- lth-20240920_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On September 20, 2024, Life Time, Inc. (the " Borrower ") and certain of its other wholly-owned subsidiaries, each of which is a wholly owned subsidiary of Life Time Group Holdings, Inc., entered into that certain Thirteenth Amendment to Credit Agreement (the " Amendment "), which amended its existing credit agreement (as amended and restated, the " Amended Credit Agreement "). The Amended Credit Agreement provides for, among other things, (i) an increase in the commitments under the revolving credit facility to $650 million, (ii) a reduction in the floating interest rate per annum of, at the Borrower's option, Term Secured Overnight Financing Rate (" SOFR ") plus an applicable margin of 2.50% or a base rate plus 1.50%, and a reduction in the undrawn commitment fee rate from 50 basis points to 25 basis points, and (iii) an extension of the maturity of the revolving credit facility to September 20, 2029, except that the maturity will be (a) October 16, 2025 if at least $100 million remains outstanding on the Borrower's senior secured notes on such date and (b) January 14, 2026 if at least $100 million remains outstanding on the Borrower's senior unsecured notes on such date. The applicable margins will (i) decrease 25 basis points upon achieving certain first lien net leverage ratios and/or (ii) decrease 25 basis points upon achieving public corporate family ratings of Ba3 or BB- from any two of Moody's, S&P and Fitch, as provided in the Amended Credit Agreement. On September 20, 2024, the Borrower paid the remaining aggregate principal amount of $200.0 million of its term loan facility, and no borrowings remained outstanding under its term loan facility. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by r
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Thirteenth Amendment to the Credit Agreement, dated as of September 20, 2024, by and among LTF Intermediate Holdings, Inc., Life Time, Inc., the subsidiary guarantors party thereto, the lenders party thereto, and Deutsche Bank AG New York Branch, as administrative agent . 104 Cover page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Life Time Group Holdings, Inc. Date: September 23, 2024 By: /s/ Erik Weaver Erik Weaver Executive Vice President & Chief Financial Officer 3