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Moody’s ups Weight Watchers, rates facilities
Moody's Investors Service said it upgraded Weight Watchers International, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and speculative grade liquidity rating to SGL-1 from SGL-2.
The agency also assigned a Ba3 rating to the company’s proposed senior secured revolving credit facility due 2022 and term loan due 2024.
The outlook was revised to stable from positive.
Net proceeds from the proposed senior secured debt and cash from an expected senior unsecured financing will be used to repay in full the existing senior secured bank revolving credit facility due 2018 and term loan due 2020. The existing senior secured ratings will be withdrawn when the debt is repaid.
“"Expectations for sustained subscriber, revenue and free cash flow growth, the company's strategy to drive financial leverage below 4 times over the next few years and improved liquidity from the larger revolver drive the CFR upgrade to B1," Moody's senior credit officer Edmond DeForest said in a news release.
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