Ropes & Gray Advises Planet Fitness in Refinancing and Accelerated Share Repurchase

Ropes & Gray represented Planet Fitness, Inc. in an $800 million whole business securitization add-on and $280 million accelerated share repurchase agreement with Citibank.

Planet Fitness issued a new series of Class A-2 senior secured notes in two tranches to repay in full its Series 2018-1 Class A-2-II notes, which as of March 31 had a principal balance of approximately $591 million, and for general corporate purposes, including its announced accelerated share repurchases.

In the second transaction, Planet Fitness will acquire shares under the ASR agreement as part of its $500 million share repurchase authorization previously announced on November 8, 2022.

Planet Fitness announced the transactions on June 12 and June 13, respectively.

Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world with 19.6 million members and nearly 2,600 stores in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia.

Capital markets partner Tom Fraser, capital markets associate Kelly Finn, and tax partners Adam Greenwood and David Saltzman advised Planet Fitness on both transactions.

The whole-business securitization team included finance partner Patricia Lynch, finance associate Matthieu Wharmby, business restructuring partner Andrew Devore, IP transactions partner Erica Han, tax counsel Sara Clevering, and data, privacy & cybersecurity partner Fran Faircloth.

The accelerated share repurchase team included alternative asset opportunities partner Isabel Dische, asset management partner Jeremy Liabo and asset management associate Lindsey Jones.