We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bally Takes A DIP With Morgan Stanley

Law360 (July 3, 2007, 12:00 AM EDT) -- Though still waiting for the go-ahead from noteholders, Bally Total Fitness Holding Corp. has already secured the funding necessary to restructure its debt and bankroll its foray into bankruptcy.

On Monday, Bally revealed that it had signed a commitment letter with Morgan Stanley, with the financial giant agreeing to serve as the lead arranger and bookrunner for a $292 million debtor-in-possession loan.

Under the deal, the $292 debt facility will be broken up into a $50 million revolving credit facility and a $242 million term loan...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.