NEWINGTON, N.H., Nov. 10, 2016 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S., today announced that its Board of Directors has declared a special cash dividend of $2.78 per share to holders of Class A common stock and equivalent payments to unit holders of Pla-Fit Holdings, LLC funded in part by an amendment to its senior secured credit facility increasing the aggregate principal amount of the term loan by $230 million. Christopher Rondeau, Chief Executive Officer commented, "We are pleased to be able to reward our shareholders with this special cash dividend. Today's announcement highlights the Board's confidence in the strength of our asset-light business model, the unique positioning of Planet Fitness' affordable, non-intimidating fitness offering and the Company's long runway for future growth. We will continue to evaluate how to best utilize our strong balance sheet and free cash flow generation in order to maximize shareholder value." The special cash dividend will be paid on December 5, 2016 to shareholders of record as of November 22, 2016. The ex-dividend date will be November 18, 2016. Shareholders who sell their shares prior to the November 18, 2016 ex-dividend date will also be selling their right to receive the special dividend. The Company will fund the $275 million special dividend (which includes payments made to unit holders of Pla-Fit Holdings, LLC) through available cash balances and incremental term loan borrowings of $230 million available through the amendment of the Company's senior credit facilities. Following the amendment, the Company's senior credit facilities consist of $718.45 million in senior secured term loan borrowings and a $75 million senior secured revolving credit facility. The senior secured term loans bear an initial interest rate of LIBOR + 350 bps following the amendment, while borrowings under the senior secured revolving facility will bear an initial interest rate of LIBOR + 325 bps, with additional step ups in applicable margin to be applied based on increases in the Company's total net leverage to EBITDA ratio during the life of the revolving facility.