Planet Fitness Secures $800 Million for Strategic Refinancing

Planet Fitness (PLNT) has shared an update.

Planet Fitness Master Issuer LLC, an indirect subsidiary of Planet Fitness, has successfully completed a refinancing transaction, issuing $800 million in aggregate principal amount of senior secured notes. These notes, secured by the company’s revenue-generating assets in the United States, carry fixed interest rates and have staggered maturity dates extending up to 2054, with earlier anticipated repayment dates. Proceeds from the offering are directed towards repaying existing debt, covering transaction costs, and supporting general corporate activities, potentially including share buybacks. The notes come with covenants typical for such financial instruments and are managed by Planet Fitness Holdings, LLC without the need for the manager to incur financial liabilities.

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