Daily News: April 9, 2015

Penfund Completes $70MM GoodLife Fitness Loan

Penfund announced the completion of a $70 million second lien credit facility provided to GoodLife Fitness Centres.

The proceeds of the facility together with the proceeds of a $175 million 1st lien term and revolver facility provided to GoodLife by a syndicate of banks will be used principally to refinance existing debt of the company.

David ‘Patch’ Patchell-Evans, GoodLife’s founder and CEO, said, “We greatly value the continuing support of Penfund and our other lenders. The $70 million facility provided by Penfund is the fifth in a series of financings provided and arranged by Penfund, aggregating $310 million in total. This patient, long term and flexible capital has allowed us to accelerate our growth and to pursue our purpose of giving every Canadian the opportunity to live a fit and healthy good life.”

GoodLife Fitness is the largest fitness company in Canada.

Penfund is a Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America.