04:47 PM EDT, 06/12/2024 (MT Newswires) -- Planet Fitness ( PLNT ) late Wednesday said it closed a $800 million securitization transaction comprising new senior notes the fitness chain is using to refinance existing debt.

The new notes were offered in two tranches, consisting of $425 million of 5.765% class Class A-2-I senior secured notes expected to mature in five years and $375 million of Class A-2-II senior notes maturing in 10 years and have a 6.237% yearly coupon.

The new series are secured by substantially all of Planet Fitness' ( PLNT ) revenue-generating assets in the US, according to a regulatory filing.

Planet Fitness ( PLNT ) will use the net proceeds to repay the entire $591 million of existing and outstanding notes. The remaining proceeds will be used for general corporate purposes, including stock repurchase.