CHICAGO (S&P Global Ratings) March 24, 2021--S&P Global Ratings said today it assigned its 'BB-' issue-level rating and '2' recovery rating to WW International Inc.'s proposed senior secured first-lien credit facility including a revolver and term loan, and senior secured notes. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. We expect the company to use the proceeds from the transaction to refinance its existing senior secured term loan B with approximately $1.2 billion outstanding and $300 million senior unsecured notes. The proposed credit facility and senior secured notes will be issued by WW International and secured on a first-lien basis on substantially all assets and capital stock
