Life Time Announces Pricing of Secondary Offering of 23,000,000 Shares of Common Stock
Life Time Group Holdings (NYSE: LTH) has announced the pricing of a secondary offering of 23,000,000 shares of common stock by certain selling stockholders. The offering, priced at a total gross proceeds of $699,200,000 before underwriting costs, is expected to close on March 3, 2025.
The selling stockholders will receive all proceeds from the offering, with Life Time not receiving any proceeds from the stock sale. J.P. Morgan and BofA Securities are serving as the underwriters, offering shares to the public at a fixed price.
Life Time currently operates more than 175 athletic country clubs across the United States and Canada, supported by over 42,000 dedicated professionals.
Life Time Group Holdings (NYSE: LTH) ha annunciato il prezzo di un'offerta secondaria di 23.000.000 azioni di azioni ordinarie da parte di alcuni azionisti venditori. L'offerta, con un ricavo lordo totale di 699.200.000 dollari prima dei costi di sottoscrizione, dovrebbe chiudersi il 3 marzo 2025.
Gli azionisti venditori riceveranno tutti i proventi dell'offerta, mentre Life Time non riceverà alcun provento dalla vendita delle azioni. J.P. Morgan e BofA Securities stanno fungendo da sottoscrittori, offrendo le azioni al pubblico a un prezzo fisso.
Life Time attualmente gestisce più di 175 club sportivi negli Stati Uniti e in Canada, supportati da oltre 42.000 professionisti dedicati.
Life Time Group Holdings (NYSE: LTH) ha anunciado el precio de una oferta secundaria de 23,000,000 acciones de acciones ordinarias por parte de ciertos accionistas vendedores. La oferta, con un total de ingresos brutos de $699,200,000 antes de los costos de suscripción, se espera que se cierre el 3 de marzo de 2025.
Los accionistas vendedores recibirán todos los ingresos de la oferta, sin que Life Time reciba ningún ingreso de la venta de acciones. J.P. Morgan y BofA Securities están actuando como suscriptores, ofreciendo acciones al público a un precio fijo.
Life Time actualmente opera más de 175 clubes atléticos en los Estados Unidos y Canadá, respaldados por más de 42,000 profesionales dedicados.
라이프 타임 그룹 홀딩스 (NYSE: LTH)는 특정 판매 주주에 의해 23,000,000주의 보통주에 대한 2차 공모 가격을 발표했습니다. 이 공모는 인수 비용을 제외하고 총 $699,200,000의 총 수익으로 가격이 책정되었으며, 2025년 3월 3일에 마감될 것으로 예상됩니다.
판매 주주는 공모의 모든 수익을 받게 되며, 라이프 타임은 주식 판매로부터 어떤 수익도 받지 않습니다. J.P. 모건과 BofA 증권이 인수인으로 활동하며, 고정 가격으로 일반 대중에게 주식을 제공합니다.
라이프 타임은 현재 미국과 캐나다 전역에 175개 이상의 운동 클럽을 운영하고 있으며, 42,000명 이상의 헌신적인 전문가가 지원하고 있습니다.
Life Time Group Holdings (NYSE: LTH) a annoncé le prix d'une offre secondaire de 23 000 000 actions d'actions ordinaires par certains actionnaires vendeurs. L'offre, évaluée à un produit brut total de 699 200 000 $ avant les frais de souscription, devrait se clôturer le 3 mars 2025.
Les actionnaires vendeurs recevront tous les produits de l'offre, Life Time ne recevant aucun produit de la vente d'actions. J.P. Morgan et BofA Securities agissent en tant que souscripteurs, offrant des actions au public à un prix fixe.
Life Time exploite actuellement plus de 175 clubs sportifs à travers les États-Unis et le Canada, soutenus par plus de 42 000 professionnels dédiés.
Life Time Group Holdings (NYSE: LTH) hat die Preisgestaltung eines sekundären Angebots von 23.000.000 Aktien von Stammaktien durch bestimmte verkaufende Aktionäre bekannt gegeben. Das Angebot, das einen Gesamtbruttoerlös von 699.200.000 USD vor den Underwriting-Kosten erzielt, wird voraussichtlich am 3. März 2025 abgeschlossen.
Die verkaufenden Aktionäre erhalten alle Erlöse aus dem Angebot, während Life Time keine Erlöse aus dem Aktienverkauf erhält. J.P. Morgan und BofA Securities fungieren als Underwriter und bieten die Aktien der Öffentlichkeit zu einem festen Preis an.
Life Time betreibt derzeit mehr als 175 Sportclubs in den Vereinigten Staaten und Kanada, unterstützt von über 42.000 engagierten Fachleuten.
- Large market presence with 175+ athletic clubs across US and Canada
- Substantial workforce of 42,000+ professionals
- Strong investment bank support from JP Morgan and BofA Securities
- Company receives no proceeds from $699.2M stock sale
- Significant share dilution with 23M shares being sold
- Large insider selling through secondary offering
Insights
Life Time Group Holdings' secondary offering of 23 million shares represents a significant liquidity event with gross proceeds of
This transaction structure is particularly noteworthy as all proceeds go to selling stockholders rather than to Life Time itself. The company explicitly states it will receive no proceeds, confirming this as purely an exit opportunity for existing investors rather than capital raising for operations or expansion.
Based on Life Time's current market capitalization, this offering represents approximately
For context, Life Time operates more than 175 athletic country clubs across North America with a workforce exceeding 42,000 professionals. While the company's operational footprint remains substantial, this large-scale selling by existing shareholders merits investor attention, as it effectively increases the public float and potentially alters the company's shareholder composition.
The pricing mechanics of this secondary offering reveal important market dynamics for Life Time. The
Secondary offerings of this size typically impact short-term trading patterns in predictable ways. The fixed-price approach by underwriters indicates they've pre-secured sufficient buyer interest rather than employing a variable pricing mechanism that would adjust based on market reception.
The timing is noteworthy - coming after Life Time's shares have traded publicly for several years following its 2021 IPO. This aligns with typical private equity exit windows, though the selling entities aren't specifically identified in the announcement.
Long-term investors should recognize that increased liquidity and potentially broader institutional ownership often brings greater analyst coverage and trading volume, potentially benefiting remaining shareholders despite the near-term supply pressure. The absence of company insiders being named as sellers provides some reassurance that this transaction may represent normal investment cycle liquidation rather than concerning insider sentiment.
The offering is expected to close on March 3, 2025, subject to the satisfaction of customary closing conditions. The selling stockholders will receive all of the proceeds from the proposed offering. The Company will not receive any of the proceeds from the sale of shares of the Company's common stock by the selling stockholders.
J.P. Morgan and BofA Securities are serving as the underwriters for the proposed offering. The underwriters propose to offer the shares to the public from time to time, at a fixed price.
Important Information
An automatic shelf registration statement on Form S-3, including a base prospectus, was filed with the SEC on August 12, 2024, and became effective upon filing. The offering is being made only by means of a written prospectus supplement and the accompanying prospectus. Before you invest, you should read the prospectus included in that registration statement and the documents incorporated by reference that form part of the registration statement, as well as the prospectus supplement and accompanying prospectus related to the proposed offering. You may obtain these documents for free by visiting the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may also be obtained from either J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Life Time
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 175 athletic country clubs across
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements, including with respect to consummation of the proposed public offering. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause Life Time's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Life Time assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE Life Time Group Holdings, Inc.
FAQ
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