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Planet Fitness Proposes Significant Refinancing Transaction

On December 1, 2025, Planet Fitness, Inc. (NYSE: PLNT), along with its subsidiaries, announced plans for a significant refinancing transaction aimed at enhancing its financial structure and fostering future growth. This maneuver is part of a broader strategy to manage its existing debt and leverage new opportunities in the fitness sector.

Overview of the Refinancing Transaction

The company revealed that certain subsidiaries would be undertaking the issuance of a new series of securitized debt, as part of their current securitized financing facility. Specifically, the transaction will involve the repayment of the existing Series 2022-1 Class A-2-I Notes, allowing for a more streamlined approach to its financial obligations. As of September 30, 2025, the outstanding debt under the company's existing securitized financing facility stood at approximately $2.2 billion.

As part of this refinancing initiative, Planet Fitness intends to issue $750 million worth of Series 2025-1 Fixed Rate Senior Secured Notes, Class A-2. Furthermore, there is the potential to increase this sum to $850 million, contingent upon prevailing market conditions. The proceeds from these notes are expected to be allocated primarily toward repaying the aforementioned Class A-2-I Notes, which had a principal outstanding of about $410 million as of the same date.

This financial restructuring is not only instrumental in addressing current debt but is also aligned with the company's long-term strategy for growth. It’s forecasted that the net proceeds will also serve to cover transaction costs and fund reserve accounts necessary for the securitized financing facility.

Financing and Future Plans

In addition to the debt issuance, the plan includes the establishment of a $75 million variable funding note facility, supplementing the existing $75 million 2022-1 Variable Funding Senior Secured Notes, Class A-1. With no outstanding borrowings under this facility as of September 30, 2025, this move provides Planet Fitness with additional leverage to support its operational goals.

The company anticipates that the refinancing transaction will be completed in December 2025, provided market conditions are favorable. However, the company has acknowledged the inherent risks associated with forward-looking statements, indicating that there are no guarantees regarding the completion of this transaction or its conditions.

Planet Fitness: A Leader in the Fitness Industry

Since its inception in 1992 in Dover, New Hampshire, Planet Fitness has established itself as a formidable player in the global fitness industry. Currently, the franchise boasts approximately 20.7 million members spread across 2,795 locations worldwide, including territories such as the United States, Canada, and several others. The brand is celebrated for its commitment to providing a welcoming and non-intimidating fitness environment, encapsulated in their mission of creating a Judgement Free Zone®.

Moreover, over 90% of Planet Fitness locations are independently owned and operated, further emphasizing its extensive reach and impact in the fitness market. As Planet Fitness looks toward the future, it aims to strengthen its position through strategic financial decisions that promote sustainable growth and member engagement.

Conclusion

In conclusion, Planet Fitness's proposed refinancing transaction marks a significant step in its ongoing efforts to cultivate a robust financial foundation and enhance operational capabilities. With a clear focus on member satisfaction and business expansion, Planet Fitness is poised to thrive in an increasingly competitive fitness landscape. As developments unfold, stakeholders will be keenly watching the outcomes of this ambitious refinancing initiative.