Core Viewpoint - Planet Fitness, Inc. has completed a refinancing transaction involving the issuance of $800 million in securitized notes, aimed at improving its financial structure and supporting corporate activities [4][5]. Group 1: Details of the 2024 Notes - The 2024 Notes consist of $800 million Class A-2 Senior Secured Notes, issued in two tranches: Class A-2-I with a principal amount of $425 million and a fixed interest rate of 5.765% per annum, and Class A-2-II with a principal amount of $375 million and a fixed interest rate of 6.237% per annum [3]. Group 2: Use of Proceeds - Proceeds from the 2024 Notes will be utilized to repay the Series 2018-1 Class A-2-II Notes, which had a principal balance of approximately $591 million as of March 31, 2024 [5]. - Additional uses include covering transaction costs, funding reserve accounts related to the securitized financing facility, and general corporate purposes, which may encompass share repurchases [5]. Group 3: Company Overview - Founded in 1992, Planet Fitness is one of the largest and fastest-growing fitness center franchisors and operators globally, with approximately 19.6 million members and 2,599 locations as of March 31, 2024 [6]. - The company's mission focuses on providing a high-quality fitness experience in a welcoming environment, termed the Judgement Free Zone® [6].

Key Takeaways Planet Fitness (PLNT) shares rose in intraday trading Monday following an upgrade from Jefferies, which was optimistic about new leadership and the potential gain in the number of franchises for the gym operator. The strategists explained that the company's long-term opportunity "is attractive and risk skews to the upside at current levels." Jefferies noted that the comments it received about new Chief Executive Officer (CEO) Colleen Keating, who took the helm today, were positive, and that "w ...

Core Viewpoint - Planet Fitness, Inc. has announced the pricing of $800 million in Series 2024-1 Class A-2 Fixed Rate Senior Secured Notes, which will be used for refinancing existing debt and general corporate purposes [1][5]. Group 1: Financial Details - The Class A-2 Notes consist of two tranches: Class A-2-I with a principal amount of $425 million and a fixed interest rate of 5.765% per annum, and Class A-2-II with a principal amount of $375 million and a fixed interest rate of 6.237% per annum [1]. - The anticipated repayment term for Class A-2-I is five years, while Class A-2-II has a ten-year repayment term [1]. - The transaction is expected to close around June 12, 2024, subject to various closing conditions [2]. Group 2: Company Overview - Founded in 1992, Planet Fitness is one of the largest and fastest-growing fitness center franchisors and operators globally, with approximately 19.6 million members and 2,599 locations as of March 31, 2024 [3]. - The company's mission is to provide a high-quality fitness experience in a welcoming environment, known as the Judgement Free Zone® [3]. - Over 90% of Planet Fitness stores are owned and operated by independent business owners [3]. Group 3: Use of Proceeds - Proceeds from the Class A-2 Notes will be used to repay the Series 2018-1 Class A-2-II Notes, which had a principal balance of approximately $591 million as of March 31, 2024 [5]. - Additional uses include covering transaction costs and funding reserve accounts related to the securitized financing facility, as well as general corporate purposes, which may include share repurchases [5].

HAMPTON, N.H., May 29, 2024 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) (together with its subsidiaries, the "Company") 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 consummation of the offering is subject to market and other conditions and is anticipated to close in ...

New study finds that ninety per cent of Canadian teens believe physical activity can positively impact their lives and boost mental health1 TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Planet Fitness, one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announces the return of its High School Summer Pass™ program, inviting high school teens ages 14 – 192 to work out for free at any of its 2,500+ Planet Fitness locations across the U ...

New study finds that ninety per cent of Canadian teens believe physical activity can positively impact their lives and boost mental health1 TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Planet Fitness, one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announces the return of its High School Summer Pass™ program, inviting high school teens ages 14 – 192 to work out for free at any of its 2,500+ Planet Fitness locations across the U ...

A Planet Fitness (NYSE:PLNT) price increase will result in some members having to pay more if they want to work out at the gym and fitness company’s locations.This has Planet Fitness increasing the price of its Classic membership from $10 per month to $15 per month. This marks the first time that the company has increased the price of its Classic membership since 1998.One thing to note is that this Planet Fitness price increase only affects new Classic members and won’t go into effect until the summer. Plan ...

Planet Fitness, Inc. (PLNT) reported first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate, but revenues came in line with the same. However, both metrics increased year over year.Planet Fitness saw a membership increase of around 19.6 million. However, it encountered challenges such as shifting consumer priorities toward saving money, concerns about COVID infections and other illness. As a result, management trimmed its full-year outlook. Despite these obstacles, interim CEO Craig ...

Planet Fitness’ classic gym membership will get more expensive for the first time in 26 years. The cost of the classic membership will increase by $5 to $15 a month for new members, Planet Fitness executives said Thursday as they discussed the company’s first-quarter results. The increase will go into effect in the summertime.GET FOX BUSINESS ON THE GO BY CLICKING HERE The fitness center chain has charged a monthly $10 fee for the tier for nearly three decades. "Only new members who joined after it goes int ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewPlanet Fitness is hiking the price of its basic membership plan by 50% after holding it at $10 a month for 26 years.The new $15 charge will come into effect in the summer and will only apply to ne ...