Life Time Debt Upgraded by Moody's; Company Closes on $45 Million Sale-Leaseback Transaction

(Neutral)

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Tags

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

08/24/2023 - 06:45 AM EDT

CHANHASSEN, Minn., Aug. 24, 2023 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time" or the "Company") (NYSE: LTH) today announced that Moody's Investor Service ("Moody's") has upgraded the Company's issuer credit rating to 'B2' from 'B3'. As reasons for the upgrade, Moody's cited the Company's improving performance, including membership, revenue and EBITDA trends, and steps the Company is taking to continue to improve its balance sheet and reduce leverage.

The Company also announced today that it has closed on a sale-leaseback transaction for approximately $45 million in gross proceeds. The transaction involved one property and was with an institutional real estate investor that has completed multiple sale-leaseback transactions with the Company. The Company has now closed on all of the $123 million of previously announced sale-leaseback transactions through August 24, 2023.

About Life Time

Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 165 athletic country clubs across the United States and Canada. The Company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 35,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.

View original content to download multimedia:https://www.prnewswire.com/news-releases/life-time-debt-upgraded-by-moodys-company-closes-on-45-million-sale-leaseback-transaction-301908891.html