Planet Fitness, Inc. 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 2022-1 Class A-2-I Notes. The Company expects that these subsidiaries will also enter into a $75 million variable funding note facility, in addition to the existing $75 million 2022-1 Variable Funding Senior Secured Notes, Class A-1. As of September 30, 2025, there were no borrowings outstanding under the existing variable funding notes facility. The Company had approximately $2.2 billion of outstanding debt under its existing securitized financing facility as of September 30, 2025.
The Company intends to issue $750 million Series 2025-1 Fixed Rate Senior Secured Notes, Class A-2 (the ?Notes?), with the potential to upsize up to $850 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 2022-1 Class A-2-I Notes, which as of September 30, 2025, had a principal balance of approximately $410 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 December 2025.
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.
