Hampton, New Hampshire, June 7, 2024 April 18, 2019 /PRNewswire/ — Planet Fitness, Inc. (NYSE: PLNT) (together with its subsidiaries, the “Company”) today announced $800 million The Series 2024-1 Class A-2 Fixed Rate Senior Secured Notes (the “Class A-2 Notes”) consist of two tranches: Class A-2-I Senior Secured Notes with expected maturities of five years and aggregate principal amount of $425 million The Class A-2-II Senior Secured Notes, which bear fixed interest of 5.765% per annum, payable quarterly, have an expected maturity of 10 years and aggregate principal amount of $375 million The fixed interest rate will be 6.237% per annum, payable quarterly. The Class A-2 Notes will be issued in a private securitization transaction by Planet Fitness Master Issuer LLC (the “Master Issuer”), a limited purpose, bankruptcy avoidance, indirect subsidiary of Planet Fitness, Inc.
The proceeds from the anticipated sale of the Class A-2 Notes will be used as follows:
-
Repaying in full the Series 2018-1 Class A-2-II Notes. March 31, 2024the principal balance is approximately $591 million;
-
Paying transaction costs related to the securitized loan facility and funding the reserve account.
-
For general corporate purposes, which may include funding share repurchases by the Company.
The Company has confirmed that the Class A-2 Notes transaction June 12, 2024The transaction is subject to various closing conditions being satisfied, and there can be no assurance as to the timing of closing or that the sale of the Class A-2 Notes will be completed.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Class A-2 Notes or any other securities. The Class A-2 Notes being offered have not been, and will not be, registered under the Securities Act of 1933. united states of america Absent registration or an exemption from the registration requirements of the Securities Act of 1933.
About Planet Fitness
Founded in 1992 Dover, New HampshirePlanet Fitness is one of the world’s largest and fastest growing fitness center franchisors and operators based on membership and locations. March 31, 2024Planet Fitness operates 2,599 locations across all 50 states and has approximately 19.6 million members. District of Columbia, Puerto Rico, Canada, Panama, Mexico and AustraliaOur mission is to improve people’s lives by providing a quality fitness experience in a friendly, non-intimidating environment, which we call a “Judgment Free Zone®.” More than 90% of Planet Fitness locations are owned and operated by independent businessmen and businesswomen.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include our statements regarding the expected use of proceeds from the sale of the Class A-2 Notes, potential 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 “anticipates,” “expects,” “intends,” “may,” “will” and similar references to future periods, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, forecasts, 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 our control. Actual results and financial position may differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results to differ materially include risks and uncertainties related to our ability to complete the refinancing transaction on acceptable terms or at all, conditions in the capital markets, a significant increase in our indebtedness as a result of the transaction and our ability to incur additional debt or refinance such debt in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, competition in the fitness industry, our and our franchisees’ ability to attract and retain members, our and our franchisees’ ability to identify and secure suitable locations for new franchise stores, changes in consumer demand, changes in capital costs, our ability to expand into new markets domestically and internationally, our and our franchisees’ general operating costs, our franchisees’ availability and cost of capital, acquisition activity, legal and regulatory developments and changes, our refinancing and securitization transactions and our ability to incur additional debt or refinance such debt 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 our information systems or technology, general economic conditions and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2015. December 31, 2023our quarterly report on Form 10-Q, March 31, 2024and the company’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on forward-looking statements because forward-looking statements involve significant risks and uncertainties. Forward-looking statements 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 the information contained in this release, whether as a result of new information, future developments or otherwise.
To download multimedia, view original content:https://www.prnewswire.com/news-releases/planet-fitness-prices-800-million-securitized-financing-facility-302166831.html
SOURCE Planet Fitness, Inc.
