Weight Watchers refinancing includes replacement revolver

Chicago, April 5 – Weight Watchers (WW International Inc.) announced that it’s $1.5 billion debt refinancing includes a $175 million revolver expiring in 2026, according to a press release.

The revolver replaces an existing $175 million facility expiring in 2022.

The refinancing transactions, the revolver with the previously reported $1 billion term loan B with an interest rate at Libor plus 350 basis points and a Libor floor of 0.5% issued at 99.5 and the $500 million of 4˝% senior secured notes due 2029, are expected to close on April 13, subject to customary conditions.

The company is anticipating a reduction of approximately $20 million to its total interest expense expectation of $111 million in fiscal 2021.

On an annualized basis, the refinancing is estimated to reduce the company’s interest expense by approximately $29 million based on current debt levels.

WW International, formerly named Weight Watchers, is a New York-based provider of weight management services.

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