The owner of the New York Sports Clubs chain is pitching a fresh deal to push out the looming debt maturity wall at the gym operator, Bloomberg News reported. Town Sports International Holdings Inc. has approached existing lenders to refinance its borrowings, which come due next year. The company is telling investors that $50 million in new capital will be made available if it’s able to refinance the loan. The new plan would fully pay down the first-lien loan in exchange for lenders rolling into a new, longer-dated term loan that would pay higher interest. The company is working with Deutsche Bank AG to help refinance the loan of about $178 million. The new $50 million financing will be structured as more junior ranking, second-lien debt.
