U.S.-based Weight Watchers International Inc. announced that it is launching a "modified Dutch auction" tender offer for up to $720 million of its common stock, while simultaneously repurchasing shares from Artal Holdings Sp. Z o.o. Succursale de Luxembourg. The company plans to fund $1.5 billion of total share repurchases through new borrowings under an amended and extended version of the company's existing credit facilities; Artal's share of ownership is to remain unchanged. We are affirming the 'BB' corporate credit rating on Weight Watchers and 'BB+' senior secured issue-level ratings. We are revising the outlook on the corporate credit rating to negative from stable, reflecting our view that the proposed debt-financed share repurchase will result in deterioration of credit metrics. On
