Planet Fitness (PLNT) Announces Proposed Refinancing

Planet Fitness, Inc. (NYSE: PLNT) today announced that certain of its subsidiaries intend to complete a refinancing transaction, which will include the issuance of a new series of securitized debt under their existing securitized financing facility and repayment of their existing Series 2018-1 Class A-2-II Notes.

• The Company had approximately $2.0 billion of outstanding debt under its existing securitized financing facility as of March 31, 2024.
  
• The Company intends to issue $600 million Series 2024-1 Fixed Rate Senior Secured Notes, Class A-2 (the "Notes"), with the potential to upsize up to $800 million, subject to market conditions and other factors.
  
• The net proceeds of the securitized financing facility are expected to be used:
  
  • to repay in full the Series 2018-1 Class A-2-II Notes, which as of March 31, 2024, had a principal balance of approximately $591 million;
    
  • to pay the transaction costs and fund the reserve accounts associated with the securitized financing facility; and
    
  • for general corporate purposes, which may include funding share repurchases by the Company.

The consummation of the offering is subject to market and other conditions and is anticipated to close in June 2024. However, there can be no assurance that the Company will be able to successfully complete the refinancing transaction on the terms described or at all.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Notes to be offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

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