Equinox looks to private credit market for $1.3bn refinancing deal
Fitness company Equinox Holdings is considering raising up to $1.3bn (£1.02bn) from the private credit market in an effort to refinance a series of upcoming debt maturities.
The firm is also believed to be considering a $400m preferred equity fundraise as part of the financing deal.
The luxury fitness chain – which owns spin class franchise SoulCycle among other brands – has a first-lien term loan worth more than $1bn maturing in March 2024.
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Equinox also has a revolving credit line maturing in January of next year, as well as a $200m second-lien term loan due in September 2024, according to Moody’s Investors Service.
According to reporting from Bloomberg and The Wall Street Journal, Equinox’s adviser Centerview Partners has been meeting with direct lending funds to discuss a potential credit deal ahead of the loans’ maturation.
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Last month, Equinox revealed that its revenue had risen to $272.6m in the third quarter of the year, up from $215.8m during the same period the previous year. The revenue increase was fuelled by a hike in membership fees.
There are currently 35 Equinox clubs, but the holding group owns more than 300 gyms, yoga studios and fitness locations across the US, as well as in London, Toronto and Vancouver.
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