Bally Secures $280 Million Loan to Refinance Debt

CHICAGO -- Bally Total Fitness, which was in danger of defaulting on its debt, received a $280 million loan last week from five lenders—JPMorgan Chase Bank, JP Morgan Securities Inc., Morgan Stanley, Canyon Capital Advisors LLC and Goldman Sachs Credit Partners LP. The company has moved away from plans for a sale or merger and is now focusing on generating financial flexibility and refinancing debt. Upon news of the loan, shares increased 50 percent and had four times the average daily trading volume on the New York Stock Exchange.

Read the Oct. 4 SEC filing for more information.

If you would like to comment on Bally’s financial situation, please e-mail Amy Fischbach at e-mail Amy Fischbach at [email protected]. Club Industry’s Fitness Business Pro will be featuring a story on Bally’s $280 million loan in our November issue

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