By Ben Glickman


Planet Fitness on Wednesday said it intends to complete a transaction to refinance debt, planning to issue a fresh tranche of notes to repay other debt.

The gym-chain said it plans to issue $600 million in fixed-rate senior secured notes, which could be upsized to $800 million, depending on market conditions and other factors.

The company plans to use proceeds for fully pay back its 2018 series of notes, which as of March 31 had a principal balance of about $591 million. Other proceeds will be used to pay transaction costs and fund reserve accounts linked to the financing facility, as well as for general corporate purposes.

Planet Fitness had about $2 billion in outstanding debt under its existing facility as of March 31.


Write to Ben Glickman at ben.glickman@wsj.com


(END) Dow Jones Newswires

05-29-24 1714ET