By Paul A. Harris
Portland, Ore., April 1 – WW International, Inc. priced a $500 million issue of eight-year senior secured notes (Ba3/BB-) at par to yield 4½% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 4½% area and tight to initial guidance in the mid-to-high 4% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc. and KeyBanc Capital Markets Inc.
Proceeds plus proceeds from a new term loan and cash on hand will be used to pay off the existing credit facilities, to redeem all $300 million of the outstanding 8 5/8% senior notes and for general corporate purposes.
The New York-based company, formerly Weight Watchers International, Inc., provides weight-loss and fitness services.
| Issuer: | WW International, Inc.
|
| Amount: | $500 million
|
| Maturity: | April 15, 2029
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc. and KeyBanc Capital Markets Inc.
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 301 bps
|
| First call: | April 15, 2024 at 102.25
|
| Special call: | 10% at 103 during non-call period
|
| Trade date: | April 1
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% area
|
| Marketing: | Roadshow
|
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