Planet Fitness completes $750 million refinancing transaction

Planet Fitness Inc. (NYSE: PLNT) completed a refinancing transaction involving $750 million in Class A-2 Senior Secured Notes, the company announced December 15.

The 2025 Notes consist of two tranches: $400 million Class A-2-I Senior Secured Notes with a five-year anticipated repayment date and 5.274% annual interest rate, and $350 million Class A-2-II Senior Secured Notes with a seven-year anticipated repayment date and 5.649% annual interest rate. Both tranches pay interest quarterly.

The refinancing includes a revolving facility allowing up to $75 million in variable funding notes, in addition to existing $75 million 2022-1 Variable Funding Senior Secured Notes. No variable funding notes have been drawn as of closing.

Planet Fitness will use proceeds to repay the Series 2022-1 Class A-2-I Notes, which had a principal balance of approximately $410 million as of September 30, 2025. Additional funds will cover transaction costs, reserve account funding, and general corporate purposes including share repurchases.

The Hampton, New Hampshire-based fitness chain operates through a franchise model with approximately 20.7 million members and 2,795 clubs across multiple countries as of September 30, 2025. More than 90% of Planet Fitness clubs are owned and operated by independent franchisees.

The notes were not registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption, according to the company's statement.

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