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Bean, Kinney & Korman Accomplishes Closing on Financing Fit for Sport & Health Clubs

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July 10, 2009

ARLINGTON, VA – Bean, Kinney & Korman announced today that it is pleased to have represented the borrowing corporate group in a successful closing on $25 million in mezzanine financing for Sport & Health Clubs, provided through Pittsburgh-based PNC Mezzanine Capital. The financing enabled a modification of the company’s senior debt structure and provides the company with enhanced capacity to grow and improve its network of health, athletic and fitness facilities throughout the D.C. metropolitan region.

Bean Kinney represented the corporate group in negotiating the mezzanine financing documents, restatement of governance agreements, modification of the senior credit documents and related transactions.

David Canfield and Sabiha Malik were the principal attorneys for Sport & Health and credit the successful closing to a capable and dedicated management group, as well as commitment on the part of all parties to an enterprise that has proven performance and excellent prospects for continued successful growth.