Daily News: March 16, 2012

Weight Watchers Completes Amendment of Existing Credit Facilities


Weight Watchers International, Inc. announced that it has completed an amendment to its existing credit facilities to increase its borrowing capacity up to an additional $1.45 billion to finance the share purchases in its pending tender offer and the previously announced related share repurchase from Artal Sp. z o.o., Succursale de Luxembourg, the company’s majority shareholder.

The company also obtained an extension of the maturities of its revolving credit facility and a portion of its previously existing term loan facility in connection with the credit facilities amendment.

The company will be filing an amendment to its previously announced “modified Dutch auction” tender offer for up to $720 million in value of its common stock, at a price not less than $72.00 per share and not greater than $83.00 per share, to provide additional details regarding the completion of the amendment to its credit facilities in the tender offer materials.

J.P. Morgan Securities, Credit Suisse Securities (USA), Merrill Lynch, Pierce, Fenner & Smith Incorporated and The Bank of Nova Scotia have acted as joint lead arrangers and joint bookrunners in connection with the amendment and extension of the company’s existing credit facilities.

Credit Suisse Securities (USA) and J.P. Morgan Securities are the lead dealer managers and Merrill Lynch, Pierce, Fenner & Smith and Scotia Capital (USA) are the co-dealer managers for the tender offer. MacKenzie Partners is the information agent and Computershare is the depositary for the tender offer.

Weight Watchers International, Inc. is a provider of weight management services, operating globally through a network of company-owned and franchise operations.