...NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings today assigned its '###+' issue-level rating to Weight Watchers International Inc.'s proposed $500 million senior unsecured notes due 2025. The recovery rating is '6', indicating our expectation of negligible (0%-10%, rounded estimate: 5%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance and the previously announced $150 million revolving credit facility and $1.39 billion of first-lien term loan due to refinance its existing $2.1 billion term loan B due 2020 ($1.9 billion outstanding) and its $50 million revolving facility due 2018. We expect to withdraw our 'B' issue-level and '3' recovery rating on the company's existing first-lien credit facility following the completion of the transaction, as we expect this credit facility to be repaid in full at that time. The offering will be leverage neutral, and Weight Watchers will have roughly $1.9 billion in reported debt outstanding....
