The Bay Club’s First Lien and Second Lien Credit Facilities

Cravath represented Morgan Stanley, as administrative agent and lead arranger, in connection with $765 million of first lien and second lien credit facilities made available to Bulldog Purchaser Inc., an affiliate of Kohlberg Kravis Roberts & Co. L.P., to finance its acquisition of The Bay Club, an owner and operator of fitness and recreational centers, and for other general corporate purposes. The facilities included a $525 million first lien term loan facility, a $50 million revolving credit facility and a $190 million second lien term loan facility. The transactions closed on September 5, 2018.

The Cravath team included partner Michael S. Goldman and associates Maya A. Rosenthal-Larrea, Kendra L. Sandidge, Steven Y. Li and Marc Bode on banking matters; associate Rory M. Minnis on tax matters; partner Matthew Morreale and associate Laurel R. Berkowitz on environmental matters; and practice area attorney Brian O. Larkin on real estate matters.