Twelve million shares in Life Time are up for sale
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Twelve million shares in Life Time Group Holdings are currently in play since CEO, Bahram Akradi revealed the company intends to sell six million shares, while certain stockholders are selling a further six million in an underwritten public offering.
The underwriters will also have a 30-day option to purchase up to an additional 1.8 million shares of common stock from the selling stockholders.
Life Time intends to use the net proceeds raised by the sale of its six million shares for general corporate purposes, which are thought likely to include the repayment of debts.
It won't receive any of the proceeds from the sale of shares of the company's common stock by stockholders.
Morgan Stanley and BofA Securities are acting as lead active book-running managers and Deutsche Bank Securities and Wells Fargo Securities are acting as active book-running managers for the proposed offering. Evercore ISI and Guggenheim Securities are also acting as book-running managers.
Life Time has more than 170 athletic country clubs across the US and Canada. In May the company closed a US$40 million sale and leaseback transaction to support growth and strengthen its balance sheet. In February it unveiled strong year-end results achieving record revenues and customer engagement.
At the same time it announced its intention to become a major player in the pickleball market, with tennis legend, Andre Agassi appointed as inaugural chair of its Pickleball and Tennis Board. Life Time has since applied for a patent for a new-style pickleball.
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