Planet Fitness, Inc. is reporting that certain of its subsidiaries intend to complete a refinancing transaction, which will include the issuance of a new series of securitized debt under the company’s existing securitized financing facility and repayment of its existing Series 2022-1 Class A-2-I Notes.
The company expects that these subsidiaries will also enter 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.
This move comes on the heels of the company’s 2025 Investor Day, held on November 13, during which management discussed a range of plans to “fuel growth, modernize the member experience, further enhance the economic value proposition for franchisees, and generate strong returns for shareholders.”
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, 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, including funding the company’s share repurchases.
The consummation of the offering is subject to market and other conditions and is anticipated to close in December 2025. However, the company said there can be no assurance that it will be able to successfully complete the refinancing transaction on the terms described or at all.
Image courtesy Planet Fitness, Inc.
