Weight Watchers talks $1 billion term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, March 25 – Weight Watchers (WW International Inc.) launched on Thursday its $1 billion seven-year secured term loan B (Ba3/BB-) with price talk of Libor plus 400 basis points with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, KeyBanc Capital Markets and Truist are the leads on the deal.

Commitments are due at noon ET on April 1, the source added.

Proceeds will be used with secured notes to refinance about $1.5 billion of long-term debt.

Weight Watchers is a New York-based provider of weight management services.

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