White & Case advises banks on Pure Gym’s high yield bond and revolving credit facility

Global law firm White & Case LLP has advised the initial purchasers and lenders on the offering of €380 million 8.250% Senior Secured Notes due 2028, £475 million 10.000% Senior Secured Notes due 2028 and a £175.5 million super senior revolving credit facility for Pure Gym.

The proceeds of the notes are to be used to refinance the company’s existing indebtedness. The senior secured notes will be listed on The International Stock Exchange (Official List) and are issued under New York law (144A/Reg S).

Pure Gym is the second largest gym and fitness operator in Europe by number of gyms, with more than 550 sites and approximately 1.9 million members.

The White & Case team which advised on the transaction was co-led by partners James Greene and Martin Forbes (both London) and included partner Chad McCormick (Houston) and associates Anna Soroka, Clara Davies, Janam Nagra (all London) and Neil Clausen (Houston).

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