PureGym’s €445 Million Senior Secured Notes Offering And Issuance

Homburger advised PureGym on the deal.

PureGym, a leading European gym operator, announced the launch of its offering of €445.0 million senior secured notes due 2025.

The proceeds of the Notes will be used to repay amounts drawn under a bridge facility entered into in connection with the acquisition of Fitness World.

PureGym is a leading European gym operator, with 1.7 million members across approximately 500 sites in the UK, Denmark, Switzerland and Poland, as at June 30, 2020. PureGym was launched in the UK in 2009, where it pioneered the model for affordable, flexible, high-quality fitness clubs and is now the market leader. In the UK, members pay monthly and have no contractual commitment. Many of its gyms are open 24/7 and offer a full range of top of the line equipment, including cardiovascular equipment, fixed-resistance and free weights. In January 2020, the company acquired Fitness World, the largest fitness provider in Denmark and owner of Basefit in Switzerland and Codizione in Poland. The group is majority owned by Leonard Green & Partners, L.P.

Pinnacle Bidco PLC operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.

The Homburger team was led by Jürg Frick (Picture), and included Stefan Bindschedler and Stefan Oesterhelt.

Involved fees earner: Stefan Bindschedler – Homburger; Jürg Frick – Homburger; Stefan Oesterhelt – Homburger;

Law Firms: Homburger;

Clients: Pure Gym;

Federica Tiefenthaler

Author: Federica Tiefenthaler