Planet Fitness (PLNT) said Monday it plans to issue $750 million in series 2025-1 fixed-rate senior secured notes, class A-2, with the option to upsize the offering to $850 million, subject to market conditions.

The company said it will use the proceeds from the securitized financing facility to fully repay the $410 million principal of its series 2022-1 class A-2-I notes, pay the transaction costs, fund reserve accounts related to the facility, and for general corporate purposes, including potential share repurchases.

Planet Fitness said certain subsidiaries plan to enter into a $75 million variable funding note facility, in addition to the existing $75 million 2022-1 variable funding senior secured notes, class A-1, for the repayment of their existing series 2022-1 class A-2-I notes.

Planet Fitness said it had around $2.2 billion in outstanding debt under its securitized financing facility as of Sept. 30. The offering is expected to close in December.