Simpson Thacher represented WW International, Inc. (“WW”) in connection with its Rule 144A/Regulation S offering of $500 million aggregate principal amount of 4.5% Senior Secured Notes due 2029 and the related redemption related to its existing senior unsecured notes. Simpson Thacher also represented WW in connection with replacing WW’s existing senior secured term loan facility with a new senior secured term loan facility in an aggregate principal amount of $1 billion and replacing WW’s existing senior secured revolving credit facility with a new $175 million senior secured revolving credit facility.
WW intends to use the net proceeds of the notes offering, together with borrowings under the new senior secured term loan facility and cash on hand, (i) to repay all amounts outstanding under its existing credit facilities and terminate such facilities, (ii) to redeem all of the $300 million aggregate principal amount of its outstanding 8.625% Senior Notes due 2025, (iii) to pay related fees and expenses and (iv) for general corporate purposes.
WW is a global wellness company powered by Weight Watchers – the world’s leading commercial weight management program and an award-winning digital subscription platform.
The Simpson Thacher team included Kenneth Wallach, Lesley Peng, Evan Zuckerman and Elise Quinones (Capital Markets); Brian Steinhardt, Michael Brennan, Dorothy Hector and James Crisp (Credit); Jon Pall (Collateral); Pasco Struhs (Executive Compensation and Employee Benefits); Genevieve Dorment and Bobbie Burrows (Intellectual Property); and Jon Cantor and Suzy Yaster (Tax).