December 14, 2018

Penfund Partners, Inc. provides $100 Million second lien credit facility to Goodlife Fitness Centres Inc.

Goodmans LLP represented Penfund in connection with a $100 million second lien credit facility to Goodlife Fitness Centres Inc.

GoodLife is the largest fitness club operator in Canada, operating more than 400 clubs under the banners of GoodLife Fitness, Fit4Less, and Éconofitness. GoodLife is also the fourth largest operator of fitness clubs in the world.

This matter was a large 2nd lien financing by a leading provider of junior debt capital based in Canada. Penfund has a long relationship with GoodLife and has provided over $430 million of junior debt to GoodLife over many years. Goodmans has represented Penfund on a number of those financings.

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Primarily recognized for its advice to corporate borrowers, where it routinely handles high-value transactions, it also has an increasingly prominent lender-side practice, with its recent work spanning advice to financial institutions and alternative lenders. — The Legal 500 Canada
The team's work has a significant emphasis on corporate lending, acquisition finance and real estate financing transactions. The department demonstrates considerable experience in managing cross-border transactions. — Chambers Canada
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The banking and finance team at Goodmans has experienced counsels at all relevant levels, from senior partners to junior associates. — Chambers Canada
Clients note, "A very responsive team, which works well under tight timelines, provides quality work with minimal back and forth, and demonstrates attention to detail." — The Legal 500 Canada
...its borrower-side work and involvement in complex restructuring-related matters is particularly impressing. — The Legal 500 Canada
Clients note, "The team is extremely commercially oriented and able to get to the crux of the issue right away." — Chambers Canada
Clients note, "The firm provides sound advice on various complex and time-sensitive transactions including explaining our options and the related pros and cons to each decision." — Chambers Canada
Clients note, the Goodmans team takes a "Pragmatic, commercial view towards getting the transaction closed in a smooth, efficient manner," adding "Partners remain deeply engaged through the transaction." — IFLR1000
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On the Banking and Finance group, interviewees say: "Goodmans has an amazing team that is very responsive, knowledgeable, reliable and pleasant." — Chambers Global

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Penfund Partners, Inc. provides $100 Million second lien credit facility to Goodlife Fitness Centres Inc.

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