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Prospect News home > News index > List of issuers W > Headlines for WW International, Inc. > News item |
S&P rates WW International facility, notes BB-
S&P said it assigned BB- issue-level and 2 recovery ratings to WW International Inc.'s planned senior secured first-lien credit facility, including a revolver and term loan, and senior secured notes. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default.
“Pro forma for the transaction, the company's gross debt remains largely unchanged at $1.5 billion. We will withdraw our current ratings on its existing credit facility and unsecured notes due 2025 when they are paid off,” S&P said in a press release.
The proceeds are expected to be used to refinance its senior secured term loan B with about $1.2 billion outstanding and $300 million senior unsecured notes.
The outlook remains negative.
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