Planet Fitness launches $120 million add-on term loan B to investors

By Sara Rosenberg

New York, March 18 – Planet Fitness Holdings LLC launched a fungible $120 million add-on covenant-light term loan B due 2021, according to a market source.

Pricing on the add-on term loan is Libor plus 375 basis points with a 1% Libor floor, and it is talked with an original issue discount of 99½, the source said.

The add-on and existing term loan B will both get 101 soft call protection for six months, the source continued.

Amortization on the loan is 1% per annum.

J.P. Morgan Securities LLC, Guggenheim Securities Holdings LLC, Jefferies Finance LLC, BMO Capital Markets Corp. and U.S. Bank are the bookrunners on the deal.

Proceeds will be used to fund a dividend and for general corporate purposes.

Planet Fitness is an operator of health clubs.

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