Goodlife Fitness securing of $310 million LEEFF loan

On Feb. 4, Goodlife Fitness Centres Inc. (Goodlife) secured a $310 million loan from Canada Enterprise Emergency Funding Corp. (CEEFC) under the Large Employer Emergency Financing Facility (LEEFF). LEEFF provides bridge financing to large Canadian employers who require additional liquidity as a consequence of the COVID-19 pandemic. Through LEEFF, such employers are able to access additional credit to preserve jobs and maintain operations during this challenging period.

Goodlife is the fourth organization to secure funding under LEEFF, improving its ability to weather the economic fallout of the COVID 19 pandemic. LEEFF enables Goodlife, which employs more than 10,200 people across the country, to protect Canadian jobs and continue to serve thousands of Canadians with their fitness and wellness needs.

Stephanie Ross represented Goodlife in-house.

Bennett Jones LLP acted as lead counsel to Goodlife, with a deal team including
Mark Rasile
,
Simon Grant
,
Sean Zweig
,
Chris Gauthier
,
Adam Taylor,
Hussein Rehmanji.

Davies Ward Phillips & Vineberg LLP acted as lead counsel to existing senior lenders, with a deal team including
Joel Scoler
,
Peter Martorelli.

Goodmans LLP acted as lead counsel to existing subordinate lenders, with a deal team including
Celia Rhea
,
David Nadler,

Andrew Harmes.

Torys LLP acted as lead counsel to CEEFC, with a deal team including

Amanda Balasubramanian,
Tyrel Henderson,

Thomas Yeo,
Christophe Cinqmars-Viau,

Susan Nickerson,
Jennifer Lennon.