Planet Fitness (PLNT) Completes Refinancing

Planet Fitness, Inc. (NYSE: PLNT) today announced that it has completed its previously announced refinancing transaction.

The new series of securitized notes (the "2024 Notes") consist of $800 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 $425 million and a fixed interest rate of 5.765% per annum, payable quarterly; and the Class A-2-II Senior Secured Notes with an anticipated repayment date of ten years, with a principal amount of $375 million and a fixed interest rate of 6.237% per annum, payable quarterly.

The proceeds from the placement of the 2024 Notes will be used as follows:

• to repay in full the Series 2018-1 Class A-2-II Notes, which as of March 31, 2024, had a principal balance of approximately $591 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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2024 Notes or any other security. The 2024 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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