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Planet Fitness, Inc. Announces Refinancing Transaction

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HAMPTON, N.H. - Planet Fitness, Inc. (NYSE:PLNT) (together with its subsidiaries, the "Company") announced that certain of its subsidiaries intend to complete a refinancing of their existing senior secured credit facilities with a new securitized financing facility:

As of March 31, 2018, the Company had an outstanding principal amount of term loans under its senior secured credit facilities of approximately $707.7 million.

The Company intends to replace the senior secured credit facilities with a new $1.225 billion securitized financing facility, expected to be comprised of $1.15 billion of senior fixed-rate term notes (the "2018 Notes") and $75 million of variable funding notes (collectively, the "Notes").

The net proceeds of the securitized financing facility are expected to be used:

  • To repay all of the existing indebtedness under the senior secured credit facilities,
  • To pay the transaction costs and fund the reserve accounts associated with the securitized financing facility, and
  • For working capital purposes and for general corporate purposes, which may include a return of capital to the Company's equityholders.

The consummation of the offering is subject to market and other conditions and is anticipated to close in the third quarter of 2018. 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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Notes to be offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

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