Weight Watchers launches $463 million term B

By Sara Rosenberg

New York, July 24 - Weight Watchers International Inc. held a conference call for a $463 million term loan B (BB/Ba1) on Thursday, according to a syndicate report. Credit Suisse First Boston and Bank of Nova Scotia are the lead arrangers on the deal.

The 61/2-year institutional tranche is priced with an interest rate of Libor plus 225 basis points.

Proceeds will be used to refinance existing debt and help fund a tender offer for all of the company's $150 million outstanding principal amount of 13% senior subordinated notes due 2009 and all its €100 million outstanding principal amount of 13% senior subordinated notes due 2009.

Weight Watchers is a Woodbury, N.Y. provider of weight loss services.

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