Sky Zone has tapped Piper Sandler to refinance its private credit financing that matures in 2028, said three sources familiar with the matter.

The operator of indoor trampoline parks is looking to address about USD 700m in existing credit facilities and add a delayed draw facility to support growth initiatives, the first source said. Those growth initiatives include acquisitions and new park openings.

Utah-based Sky Zone has several existing loans that it has raised over the years to support expansion, including a USD 390m SOFR+ 675bps first lien term loan in 2023, delayed draw term loans and a USD 25m revolving credit facility, according to Markit. Apollo’s MidCap Financial serves as agent on the loans.

Funds managed by Goldman Sachs, Carlyle and Apollo hold Sky Zone debt issued under its former name CircusTrix Holdings, according to Debtwire’s BDC database. The funds marked the debt at around 95 as of 30 June.

Sky Zone has rapidly grown through a combination of opening company-owned locations and working with franchisees under its flagship brand and additional concepts. It owned 123 outlets and had 122 franchised locations under the Sky Zone concept at the end of 2025, according to franchising disclosure filings.

A year ago, the company appointed the former CEO of Dunkin Brands, David Hoffmann, as CEO and the former CFO of restaurant group Bloomin’ Brands, Michael Healy, as its new CFO.

Palladium Equity Partners-backed CircusTrix Holdings bought Sky Zone in 2018 and later changed the name of the combined company Sky Zone.

Palladium closed a USD 450m multi-asset continuation vehicle that included Sky Zone in 2024, according to the company. BlackRock’s Secondaries & Liquidity Solutions team was the lead investor in the CV.

Raymond James and Proskauer advised on the formation of the vehicle.

The same year, local franchisee and entrepreneur Usman Rao purchased three existing parks in Arizona and California, as well as secured franchise agreements for future development in California, according to the company. Ex Nihilo Capital in 2024 acquired parks located across Florida, Georgia, Illinois, Michigan, Missouri, Wisconsin and Tennessee.

Sky Zone facilities feature trampoline parks consisting of floor and wall-based trampoline courts, as well as other activities like rock climbing, ninja warrior courses, slides, zip lines and toddler zones, according to the company.

Representatives for Apollo, which owns MidCap Financial, didn’t return requests for comments. Sky Zone, Palladium and Piper declined to comment.