TDR Capital recaps gym chain and launches bond refinancing

TDR Capital is injecting £100m in equity and a £250m payment-in-kind financing to recapitalise gym chain David Lloyd Leisure, as part of a broad-based refinancing including the firm’s first public high yield bond issue. Barclays, which has done most of TDR's recent deals, is running the £900m-equivalent bond, announced on Tuesday morning.