Planet Fitness, Inc. announced the completion of a refinancing transaction involving the issuance of new securitized notes.
The 2025 Notes consist of $750 million Class A-2 Senior Secured Notes issued in two tranches with different terms.
Proceeds from the 2025 Notes will be used to repay existing notes, cover transaction costs, and for general corporate purposes.
2025 Notes Details
Includes Class A-2-I Notes of $400 million with a 5.274% interest rate and Class A-2-II Notes of $350 million with a 5.649% interest rate.
Use of Proceeds
Repaying Series 2022-1 Class A-2-I Notes, covering transaction costs, and funding share repurchases.
About Planet Fitness
Founded in 1992, Planet Fitness is a leading franchisor and operator of fitness centers with a mission to enhance lives in a non-intimidating environment.
- The refinancing will help Planet Fitness manage its debt obligations effectively and potentially lower interest costs over the repayment period.
- By repaying existing notes and funding share repurchases, the company aims to strengthen its financial position and support growth initiatives.
The completion of the refinancing transaction marks a strategic step for Planet Fitness in optimizing its capital structure and supporting future growth opportunities.