Planet Fitness Announces Proposed Refinancing Transaction
Krissy Vann | Host, All Things Fitness and Wellness
Planet Fitness, Inc. has announced that certain of its subsidiaries plan to complete a refinancing transaction under the Company’s existing securitized financing facility. The transaction is expected to include the issuance of a new series of securitized debt and the repayment of existing notes issued in 2022.
According to the Company, the refinancing will involve the issuance of 750 million dollars in Series 2025 1 Fixed Rate Senior Secured Notes, Class A 2. Planet Fitness also stated that the issuance may be increased to as much as 850 million dollars, subject to market conditions.
As part of the refinancing, the Company expects to repay the Series 2022 1 Class A 2 I Notes, which carried a principal balance of approximately 410 million dollars as of September 30, 2025. The Company also reported that its subsidiaries intend to enter into a 75 million dollar variable funding note facility. This would be in addition to the existing 75 million dollar 2022 1 Variable Funding Senior Secured Notes, Class A 1. As of September 30, 2025, there were no outstanding borrowings under the Company’s existing variable funding facility.
Planet Fitness reported approximately 2.2 billion dollars of outstanding debt under its securitized financing facility as of September 30, 2025.
The Company stated that net proceeds from the securitized financing facility are expected to be used to repay the 2022 notes in full, cover transaction costs and reserve account funding requirements, and support general corporate purposes. General corporate purposes may include share repurchases.
The Company noted that the completion of the offering is subject to market and other conditions. Planet Fitness expects the transaction to close in December 2025 but cautioned that there can be no assurance the refinancing will be completed on the terms described or completed at all.
