09:06 AM EDT, 06/07/2024 (MT Newswires) -- Planet Fitness ( PLNT ) said Friday it has priced $800 million of series 2024-1 Class A-2 fixed-rate senior secured notes.

The notes consist of the Class A-2-I tranche with an expected five-year repayment term, with a principal amount of $425 million and a fixed annual interest rate of 5.765% payable quarterly; and the Class A-2-II tranche with an anticipated 10-year repayment term, with a principal amount of $375 million and a fixed annual interest rate of 6.237% payable quarterly, the company said.

Planet Fitness ( PLNT ) said that its indirect unit, Planet Fitness Master Issuer, is expected to issue the notes in a privately placed securitization transaction.

Proceeds from the expected sale of the notes will be used to fully repay certain notes, to pay the costs and fund the reserve accounts related to the securitized financing facility, and for general corporate purposes, the company said.

The company said it anticipates the transaction to close around Wednesday.

Price: 65.85, Change: -0.08, Percent Change: -0.12