Ropes & Gray Represents Planet Fitness in $1.275 Billion Securitized Financing Facility

Planet Fitness, Inc., one of the largest and fastest-growing franchisors and operators of fitness centers in the United States, has completed a financing transaction involving the issuance of $1.275 billion in securitized notes. The notes include $1.2 billion in senior secured term notes and $75 million in senior secured variable funding notes, which function as a revolving financing facility. In connection with the offering, substantially all of the revenue-generating assets of Planet Fitness, Inc. and its subsidiaries in the United States were transferred to certain newly created, bankruptcy remote subsidiaries.

The Ropes & Gray team representing Planet Fitness, Inc. was led by finance partner Patricia Lynch, private equity partner Craig Marcus and securities & public companies associate Thomas Fraser.