TOWN SPORTS INTERNATIONAL HOLDINGS, INC. (NASDAQ:CLUB) Files An 8-K Regulation FD Disclosure
Item 7.01
Regulation FD Disclosure.
Town Sports International Holdings, Inc. (the “Company”) intends to commence discussions with potential lenders regarding such lenders’ interest in participating in a new senior secured term loan and revolving credit facility (the “New Credit Facility”) for its subsidiary, Town Sports International, LLC (the “Borrower”). The proceeds of the New Credit Facility would be used to refinance (the “Refinancing”) the outstanding indebtedness under the Borrower’s existing senior secured credit facility and for working capital and general corporate purposes. The Company and the Borrower are seeking to complete the Refinancing in the second quarter of 2019 subject to, among other factors, receipt of satisfactory pricing terms and market conditions. There can be no assurance that the Company or the Borrower will be able to enter into the New Credit Facility or consummate the Refinancing nor any assurance as to the size or terms of any potential New Credit Facility or Refinancing.
The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for the purposes of Section18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be set forth by specific reference in such filing.
About TOWN SPORTS INTERNATIONAL HOLDINGS, INC. (NASDAQ:CLUB)
Town Sports International Holdings, Inc. (Town Sports) is an owner and operator of fitness clubs in the Northeast and Mid-Atlantic regions of the United States. The Company, through its subsidiaries, operates over 150 fitness clubs (clubs) and approximately three BFX Studio (studio) locations. The Company’s operating segments include New York Sports Clubs (NYSC), Boston Sports Clubs (BSC), Philadelphia Sports Clubs (PSC), Washington Sports Clubs (WSC), Swiss Sports Clubs and BFX Studio. It owns and operates over 105 clubs under the NYSC brand name within New York City, including in approximately 40 locations in Manhattan. It owns and operates approximately 30 clubs in the Boston region under BSC brand name, over 10 fitness clubs in the Washington, District of Columbia region under WSC brand name, and approximately five clubs in the Philadelphia region under PSC brand name. In addition, it owns and operates approximately three fitness clubs in Switzerland.