Weight Watchers sets roadshow for $500 million eight-year notes

By Paul A. Harris

Portland, Ore., Nov. 13 – Weight Watchers International, Inc. plans to start a roadshow on Tuesday in New York City for a $500 million offering of eight-year senior notes (B3/CCC+), according to a syndicate source.

The roadshow continues on Wednesday in Boston and on Thursday in Los Angeles. Further details on the timing of the deal are pending.

An investor conference call is set to get underway at noon ET on Tuesday.

Citigroup Global Markets Inc. is the left bookrunner. BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners. KeyBanc Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points for the first three years, then become callable at par plus 50% of the coupon. They also feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The New York-based provider of weight management services plans to use the proceeds from the Rule 144A and Regulation S for life notes to refinance its term loan B-2.

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