- Proceeds to refinance debt and potentially return capital
- Deal comes in the wake of largest-ever WBS by Subway
Planet Fitness, a gym chain, on Monday started selling $800 million of bonds backed by most of the company’s assets, the latest in a string of recent deals known as whole business securitizations.
Guggenheim structured the deal and is helping sell the fixed-rate bonds, which comes in two portions of $400 million each. Both are rated BBB by S&P Global Ratings and Kroll Bond Rating Agency, according to people familiar with the matter. Proceeds will be used to refinance debt issued in 2018 and potentially return some capital to shareholders, according to the people.
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