Weight Watchers flexes $1 billion term loan B to Libor plus 350 bps

By Sara Rosenberg

New York, April 1 – Weight Watchers (WW International Inc.) revised price talk on its $1 billion seven-year secured term loan B (Ba3/BB-) to a range of Libor plus 350 basis points to 375 bps from Libor plus 400 bps, and then firmed the spread at Libor plus 350 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, KeyBanc Capital Markets and Truist are the leads on the deal.

Commitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds will be used with $500 million of secured notes and cash on hand to repay existing credit facilities, redeem $300 million of 8.625% senior notes due 2025 and to pay related fees and expenses.

Weight Watchers is a New York-based provider of weight management services.

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