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

The Bay Club is an owner and operator of fitness and recreational centers. 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 (Picture) 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.

Involved fees earner: Michael Goldman – Cravath Swaine & Moore; Maya Rosenthal-Larrea – Cravath Swaine & Moore; Kendra Sandidge – Cravath Swaine & Moore; Steven Y. Li – Cravath Swaine & Moore; Marc Bode – Cravath Swaine & Moore; Rory Minnis – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Laurel Berkowitz – Cravath Swaine & Moore; Brian Larkin – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Morgan Stanley;