Stock Markets July 7, 2026 05:46 PM

Lenders Consider Taking Control of United PF Through Debt-for-Equity Swap

Largest Planet Fitness operator in discussions with creditors as loan maturities approach and an interest payment was missed

By Avery Klein
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United PF Holdings, the largest operator of Planet Fitness locations and owned by American Securities, is negotiating with lenders on a potential debt-for-equity transaction that would hand ownership to creditors. The talks are part of a restructuring to address looming debt maturities, including a first-lien loan due in December and a second-lien loan maturing in 2027. The company has entered a forbearance agreement after skipping interest payments due April 30, and negotiations remain ongoing with no final decision reached.

Lenders Consider Taking Control of United PF Through Debt-for-Equity Swap
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Key Points

  • United PF Holdings - the largest operator of Planet Fitness gyms and owned by American Securities - is in discussions with lenders about a potential debt-for-equity swap that would transfer ownership to creditors.
  • A first-lien loan is due in December and a second-lien loan matures in 2027, driving the need for a restructuring to address upcoming maturities.
  • United PF entered into a forbearance agreement after skipping interest payments due April 30; multiple advisory teams represent the company and different lender groups.

Overview

United PF Holdings, which operates the largest number of Planet Fitness gyms and is controlled by private equity firm American Securities, is engaged in negotiations with its lenders over a possible debt-for-equity swap that would transfer ownership to creditors, people familiar with the matter said.

Restructuring talks and upcoming maturities

The discussions are part of a broader restructuring effort to handle looming debt maturities. A first-lien loan is scheduled to come due in December, followed by a second-lien loan with a 2027 maturity. Those timing pressures have helped drive conversations about alternatives to the current capital structure.

Advisors and creditor groups

United PF has engaged outside advisors in the process. The company has been working with Evercore Inc. and law firm Kirkland & Ellis LLP. A group of existing term loan lenders has retained Lazard Inc. and Gibson Dunn & Crutchet LLP, while a cohort of second-lien lenders is being advised by Perella Weinberg Partners and Paul Hastings LLP, according to people familiar with the situation.

Payment standstill and forbearance

United PF entered into a forbearance agreement with multiple creditor classes after it skipped interest payments that were due on April 30. That forbearance arrangement provides temporary relief while parties negotiate possible long-term solutions for the companys debt load.

Current status

Negotiations are ongoing and no definitive agreement has been reached. The proposed debt-for-equity transaction would, if finalized, result in the lenders taking control of United PF, but the outcome remains uncertain as talks continue.


Additional context and next steps

All parties continue to negotiate, and the situation could change as advisors and creditor groups work toward a resolution. Given the outstanding maturities and the forbearance agreement, the company and its lenders are in active discussions but have not settled on a course of action.

Risks

  • Uncertainty from ongoing negotiations - no final decision has been reached on the proposed debt-for-equity swap, leaving future ownership and capital structure unresolved.
  • Upcoming loan maturities - a first-lien loan due in December and a second-lien loan maturing in 2027 create timing pressure on restructuring discussions.
  • Missed interest payments and reliance on forbearance - skipping interest payments due April 30 has led to a forbearance agreement, indicating near-term liquidity stress for United PF.

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