---
title: "Crunch Fitness Seeks to Borrow $800 Million in ABS Bond Sale"
url: https://burnaze.com/article/f88f29cf-c951-4d60-b12a-5f99f60509a4
source: "Athletech News"
original_url: https://athletechnews.com/crunch-fitness-seeks-to-borrow-800-million-in-abs-bond-sale/
author: "Menghan Xiao"
category: "Gym & HVLP"
industry: "Fitness"
segment: "Gym & HVLP"
published: 2026-11-12T17:32:40.000Z
modified: 2026-11-12T18:01:22.556Z
image: https://athletechnews.com/wp-content/uploads/2024/01/image2-5.webp
---

# Crunch Fitness Seeks to Borrow $800 Million in ABS Bond Sale

**TL;DR:** Crunch Fitness plans an $800 million bond sale backed by franchise revenue, while Planet Fitness and Purpose Brands have recently completed similar securitizations. Crunch was sold to TPG in 2019 and Leonard Green & Partners acquired a majority stake last year.

*By Menghan Xiao, originally published in Athletech News on 2026-11-12. [Read the original](https://athletechnews.com/crunch-fitness-seeks-to-borrow-800-million-in-abs-bond-sale/).*

## Story

Crunch Fitness is looking to raise about $800 million from a bond sale backed by the company’s franchise revenue, adding to a string of companies tapping the whole-business securitization market in recent weeks. The financing would include $650 million of bonds with an average life of about five years marketed to institutional investors, a $100 million privately placed note that can be drawn at a later date, and a $50 million variable funding facility.

- Early price discussions on the five-year bonds are for spreads of 2.3 to 2.5 percentage points over benchmark rates.
- The plans and details haven’t been finalized and may still change.

A comparison for Crunch’s proposed pricing can be made with Planet Fitness Inc.’s securitized debt. The company completed an $825 million whole business securitization last year, including $400 million of bonds with an average life of about five years, which priced at 1.60 percentage points over benchmark rates.

Purpose Brands, a company whose holdings include health club brands Orangetheory Fitness and Anytime Fitness, sold a $715 million whole-business securitization in March. It’s securities with an average life of 4.8 years were sold at a yield of 3 percentage points over benchmarks.

Crunch, founded in 1989 in New York, sold itself to private equity firm TPG in 2019. Leonard Green & Partners last year acquired a majority interest. The deal would come amid a pickup in whole-business securitization activity.

## Entities

- Fitness (sector)
- private equity (topic)
- new york (location)
- Planet Fitness (company)
- Anytime Fitness (company)
- Orangetheory Fitness (company)
- Crunch Fitness (company)
- Purpose Brands (company)
- Leonard Green & Partners (investor)
- franchise revenue (topic)
- TPG (investor)
- Leonard Green & Partners acquisition of Crunch Fitness (deal)

---
Originally reported by Menghan Xiao, Athletech News (https://athletechnews.com/crunch-fitness-seeks-to-borrow-800-million-in-abs-bond-sale/). Summarized by Burnaze (https://burnaze.com/article/f88f29cf-c951-4d60-b12a-5f99f60509a4).