Bloomberg reported, according to Markit Group, that Equinox Holdings’ $700 million of covenant-lite term loans to refinance debt rose in initial trading.

The loans encompassed a $500 million first lien term loan and a $200 million second lien piece that were sold to investors at 98.75 cents and 98 cents on the dollar, respectively, Bloomberg said.

Bank of America, Morgan Stanley, Goldman Sachs and Citigroup arranged the deal for the New York-based operator of fitness clubs and spas, Bloomberg said.

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