Luxury fitness company Equinox Holdings Ltd. has received around $1.8 billion in fresh capital to refinance maturing loans and support its growth strategy, according to a statement seen by Bloomberg News. he transaction was led by Sixth Street, a new investor in the firm, and Silver Lake, the statement said. In addition to refinancing maturing loans, Equinox said it secured a new revolving credit facility from Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. Equinox, which operates high-end fitness clubs and owns the SoulCycle chain, has been holding discussions for months to secure a loan in the private credit market and raise preferred equity, Bloomberg previously reported. S&P Global Ratings earlier this week put Equinox’s CCC- rating on watch on for possible downgrade, citing $1.2 billion of loans due Friday and weak liquidity despite “good trends in membership recovery and positive Ebitda generation” in the first nine months of 2023.
