Planet Fitness, Inc. Completes Refinancing Transaction

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].