Proceeds from a not offering be used to pay down debt.
By Andrew Carlo
Planet Fitness, Inc. announced that certain of its subsidiaries intend to complete a refinancing transaction.
This includes 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. Under the financial plan, Planet Fitness said it will issue $750 million in Series 2025-1 Fixed Rate Senior Secured Notes with the potential to increase the offering to up to $850 million.
The company said it expects that the 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 Sept. 30, 2025, there were no borrowings outstanding under the existing variable funding notes facility.
As of Sept. 30, Planet Fitness had approximately $2.2 billion of outstanding debt under its existing securitized financing facility as of September 30, 2025.
Proceeds from the note offering will be used to pay prior notes with a principal balance of about $410 million. Planet Fitness also intends to pay the transaction costs and fund the reserve accounts associated with the securitized financing facility. The offering closes this month.
Based in Dover, New Hampshire and founded in 1992, Planet Fitness has approximately 20.7 million members. As of Sept. 30, the fitness franchise operated 2,795 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain.
More than 90% of Planet Fitness clubs are owned and operated by independent business men and women.
