...New York (S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings today assigned its 'B' issue-level rating to the Weight Watchers International Inc.'s proposed first-lien credit facility (including a $150 million revolving credit facility due in 2022 and a $1.39 billion term loan B due in 2024). The recovery rating is '3', indicating our expectation of meaningful (50%-70%, rounded estimate: 65%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance and a future issuance 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....
