- Planet Fitness (NYSE:PLNT) announces pricing and more details on a senior note issue.
- The company plans to offer $1.2B of Series 2018-1 Class A-2 Fixed Rate Senior Secured Notes. The issue consist of two tranches: the Class A-2-I Senior Secured Notes with an anticipated repayment date of four years, with a principal amount of $575M and a fixed interest rate of 4.262% 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 $625M and a fixed interest rate of 4.666% per annum, payable quarterly.
- In addition to the Class A-2 Notes, the refinancing transaction also includes a $75M variable funding note facility.
- The proceeds from the expected sale of the Class A-2 Notes will be used by the company to repay in full the existing indebtedness under the senior secured credit facilities and to pay the transaction costs and fund the reserve accounts associated with the securitized financing facility. Funds will also toward working capital purposes and for general corporate purposes, which may include a return of capital to equityholders.
- Source: Press Release
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