Planet Fitness, Inc. Completes Refinancing Transaction

Rhea-AI Summary

Planet Fitness (NYSE: PLNT) completed a refinancing on Dec 15, 2025 issuing $750 million of Class A-2 senior secured notes in two tranches: $400 million due ~5 years at 5.274% and $350 million due ~7 years at 5.649%, both with quarterly interest. The facility includes a $75 million revolving Variable Funding Notes capacity; none drawn at closing. Proceeds will repay the Series 2022-1 Class A-2-I (≈$410 million outstanding as of Sept 30, 2025), pay transaction costs and reserves, and support general corporate purposes including share repurchases.

Positive

• Issued $750M Class A-2 senior secured notes
• Repaid ~$410M outstanding Series 2022-1 Class A-2-I
• Retains $75M undrawn Variable Funding capacity

Negative

• Fixed coupon rates of 5.274% and 5.649% raise interest expense
• Proceeds earmarked for share repurchases could constrain liquidity

Key Figures

Total 2025 Notes $750 million Series 2025 securitized Class A-2 Senior Secured Notes

Class A-2-I principal $400 million 5-year Senior Secured Notes at 5.274% fixed

Class A-2-II principal $350 million 7-year Senior Secured Notes at 5.649% fixed

Class A-2-I coupon 5.274% per annum Fixed interest rate, payable quarterly

Class A-2-II coupon 5.649% per annum Fixed interest rate, payable quarterly

New variable facility $75 million Additional Variable Funding Notes capacity under 2025 Notes

Existing variable facility $75 million 2022-1 Variable Funding Senior Secured Notes, Class A-1

Members 20.7 million Planet Fitness members as of September 30, 2025

Market Reality Check

$109.88 Last Close

Volume Volume 826,657 is 0.71x the 20-day average of 1,165,078, suggesting muted trading into this announcement. normal

Technical Shares at $109.88 are trading above the 200-day MA of $102.06 and about 4% below the 52-week high of $114.47.

Peers on Argus

Peers showed mixed moves: LTH -1.26%, PTON -4.43% while OSW +2.17%, GOLF +1.14%, and MAT +0.44%. With PLNT nearly flat at +0.04% and no peers in the momentum scanner, today’s action appears company-specific rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Debt pricing update	Neutral	-1.7%	Priced $750M securitized notes in two fixed-rate tranches.
Dec 01	Refinancing announcement	Neutral	-2.6%	Proposed refinancing to issue 2025 notes and repay 2022 notes.
Nov 13	Investor Day targets	Positive	+3.2%	Outlined multi-year growth strategy and financial CAGR targets.
Nov 06	Q3 2025 earnings	Positive	+12.6%	Reported strong Q3 growth, higher guidance, and share repurchases.
Oct 30	Investor Day notice	Neutral	-1.7%	Announced upcoming Investor Day with strategy presentations.

Pattern Detected

Recent history shows strong positive reactions to earnings and strategic growth updates, while refinancing-related announcements have seen mild negative moves, suggesting investors have rewarded operating performance more than capital-structure news.

Recent Company History

Over the last few months, Planet Fitness outlined growth strategy and long-term financial targets at its Investor Day on Nov 13, 2025, and reported strong Q3 2025 results with solid revenue and member growth. Around this, the company announced, then priced, a $750M securitized refinancing to repay existing notes and support general corporate uses. Today’s completion of that refinancing follows the previously disclosed plan, tying off a multi-step capital-structure update while the operating story has remained growth focused.

Market Pulse Summary

This announcement finalizes Planet Fitness’s $750 million securitized refinancing, locking in fixed coupons of 5.274% and 5.649% while adding a new $75 million variable funding facility. Proceeds repay prior 2022 notes and support general corporate uses, including share repurchases. Investors may watch how this financing interacts with the company’s leverage levels, ongoing repurchase activity, and the growth targets outlined at the recent Investor Day and in Q3 results.

Key Terms

senior secured notes financial

"Class A-2 Senior Secured Notes issued in two tranches: the Class A-2-I Senior Secured Notes..."

Senior secured notes are a type of loan that a company borrows by issuing bonds, which are like IOUs. They are called "secured" because the company promises to give lenders specific assets, like property or equipment, if it can't pay back the loan. This makes them safer for investors and often means the company pays lower interest rates.

AI-generated analysis. Not financial advice.

HAMPTON, N.H., Dec. 15, 2025 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) (together with its subsidiaries, the "Company") today announced that it has completed its previously announced refinancing transaction.

The new series of securitized notes (the "2025 Notes") consist of $750 million Class A-2 Senior Secured Notes issued in two tranches: the Class A-2-I Senior Secured Notes with an anticipated repayment date of five years, with a principal amount of $400 million and a fixed interest rate of 5.274% per annum, payable quarterly; and the Class A-2-II Senior Secured Notes with an anticipated repayment date of seven years, with a principal amount of $350 million and a fixed interest rate of 5.649% per annum, payable quarterly.

In addition, the 2025 Notes include a revolving financing facility that allows for the issuance of up to $75 million in variable funding notes (the "Variable Funding Notes"), in addition to the existing $75 million 2022-1 Variable Funding Senior Secured Notes, Class A-1. As of the closing, none of the Variable Funding Notes have been drawn.

The proceeds from the placement of the 2025 Notes will be used as follows:

• to repay in full the Series 2022-1 Class A-2-I Notes, which as of September 30, 2025, had a principal balance (together with accrued and unpaid interest thereon) 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 share repurchases by the Company.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2025 Notes or any other security. The 2025 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.

About Planet Fitness

Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of September 30, 2025, Planet Fitness had approximately 20.7 million members and 2,795 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness clubs are owned and operated by independent business men and women.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's statements with respect to the expected use of proceeds from the sale of the Class A-2 Notes, including share repurchases and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "believe," "expect," "goal," "plan," "will," "prospects," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include risks and uncertainties associated with the Company's ability to consummate the refinancing transaction on terms acceptable to the Company or at all, capital markets conditions, the Company's substantial increased indebtedness as a result of the transaction and its ability to incur additional indebtedness or refinance that indebtedness in the future, the Company's future financial performance and the Company's ability to pay principal and interest on its indebtedness, competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise clubs, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, adverse developments in the U.S. or global capital markets, credit markets or economies generally that could significantly impact the Company's ability to implement or realize the benefits of the accelerated share repurchase as currently planned, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2024, the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, as well as the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

 

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SOURCE Planet Fitness, Inc.

FAQ

What did Planet Fitness (PLNT) announce on December 15, 2025?

Planet Fitness completed a refinancing, issuing $750M Class A-2 notes and adding a $75M variable funding capacity.

What are the terms of the PLNT 2025 Notes issued December 15, 2025?

Two tranches: $400M ~5-year at 5.274% and $350M ~7-year at 5.649%, quarterly interest.

How will Planet Fitness use proceeds from the 2025 Notes (PLNT)?

To repay Series 2022-1 Class A-2-I (~$410M as of Sept 30, 2025), pay transaction costs/reserves, and general corporate purposes including buybacks.

Did Planet Fitness draw on the new Variable Funding Notes at closing?

No; none of the Variable Funding Notes were drawn at closing.

Will the 2025 Notes issuance affect PLNT interest costs?

Yes; the new fixed coupons of 5.274% and 5.649% will determine future quarterly interest payments.

What was the outstanding balance repaid from the refinancing for PLNT?

Approximately $410M principal and accrued interest on Series 2022-1 Class A-2-I as of Sept 30, 2025.