The gym giant is resetting its balance sheet with new financing as it gears up for a new year that will bring a price increase to its Black Card tier
Planet Fitness is tightening up its capital structure as it heads into 2026, locking in new long-term financing.
The gym giant has priced $750 million in new fixed-rate notes, issued in two tranches with five- and seven-year repayment timelines and fixed rates in the mid-5% range, the company said.
Planet Fitness had approximately $2.2 billion in outstanding securitized debt as of Sept. 30.
In addition to the new notes, Planet Fitness expects to enter into a $75 million variable funding note facility, in addition to its existing $75 million 2022 variable funding facility. As of Sept. 30, none of the variable capacity had been drawn.
The proceeds will be used to repay Planet’s 2022 notes, which had a principal balance of about $410 million, cover transaction and reserve requirements and support general corporate purposes, including potential share repurchases.
The company expects the transaction to close on or around Dec. 15, subject to the satisfaction of customary closing conditions.
Planet Fitness recently posted strong third-quarter results and raised its 2025 outlook. Notably, it also plans to raise the price of its Black Card membership to $29.99 per month after the 2026 peak join season, up from $24.99, a tier that includes perks like HydroMassage, massage chairs and red light therapy.
The high-value, low-price (HVLP) gym giant made a similar move last year, increasing the price of its basic membership from a long-standing $10 to $15 per month.
The fitness franchisor is also testing additional premium amenities, such as a dry cold plunge, Planet Fitness CEO Colleen Keating noted during last month’s earnings call.
