NEW YORK, June 2 /PRNewswire-FirstCall/ — Town Sports International Holdings, Inc. (Nasdaq: CLUB – News) today announced that its initial public offering of 8,950,000 shares of common stock has been priced at $13.00 per share. Town Sports International Holdings, Inc. is selling 7,650,000 shares of common stock and certain selling stockholders are selling the remaining 1,300,000 shares to certain specified purchasers. In addition, the underwriters have been granted an option to purchase a maximum of 1,147,500 additional shares from certain other selling stockholders at the initial public offering price to cover over-allotments, if any. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders. Town Sports International Holdings, Inc. common stock will be listed on the Nasdaq Stock Market under the ticker symbol “CLUB.”
Credit Suisse and Deutsche Bank Securities are serving as joint book runners with William Blair & Company, Piper Jaffray and RBC Capital Markets serving as co-managers for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement.
A copy of the final prospectus related to this offering may be obtained by calling the Credit Suisse Prospectus Department at (800) 221-1037.
About Town Sports International Holdings, Inc.
Town Sports International Holdings, Inc. is a leading owner and operator of health clubs in the Northeast and mid-Atlantic regions of the United States. In addition to New York Sports Clubs, TSI operates under the brand names of Boston Sports Clubs, Washington Sports Clubs and Philadelphia Sports Clubs, with 142 clubs and 432,000 members as of March 31, 2006. In addition, as of March 31, 2006, the Company operates three clubs in Switzerland with approximately 6,000 members. For more information on TSI visit http://www.mysportsclubs.com.