Gym chain Planet Fitness has launched a whole-business securitization, selling USD 800 million of bonds backed by substantial assets. Guggenheim has structured and is aiding in the sale of the fixed-rate bonds, divided into two parts of USD 400 million each. The bonds are rated BBB by S&P Global Ratings and Kroll Bond Rating Agency.
The funds generated from the sale will be used to refinance debt that Planet Fitness issued in 2018, with the additional consideration of returning money to shareholders.
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