United PF Holdings Lenders Negotiate Debt‑for‑Equity Swap

United PF Holdings Lenders Negotiate Debt‑for‑Equity Swap

United PF Holdings, identified as the largest operator of Planet Fitness gyms and owned by American Securities, is currently in discussions with its lenders about a proposed debt‑for‑equity swap. The swap, if executed, would transfer ownership of United PF to the creditor groups.

The restructuring focuses on two outstanding loan facilities: a first‑lien loan that matures in December of the current year and a second‑lien loan scheduled to mature in 2027. Both facilities are part of the company’s debt profile, and the proposed conversion would allow lenders to exchange their debt claims for equity stakes, thereby potentially assuming control of the business. Negotiations are ongoing and no definitive agreement has been reached at this stage.

United PF has engaged Evercore Inc. and Kirkland & Ellis LLP as its primary financial advisers. A consortium of existing term‑loan lenders has retained Lazard Inc. and Gibson Dunn & Crutchet LLP to represent their interests, while the second‑lien lenders are being advised by Perella Weinberg Partners together with Paul Hastings LLP.

In addition to the swap talks, United PF entered into a forbearance agreement with various creditor classes after it missed interest payments that were due on April 30. The forbearance arrangement temporarily suspends the company’s payment obligations while restructuring negotiations continue.