Weight Watchers International, Inc. (NYSE: WTW) announced today that it has completed the placement and structuring of the previously announced $1.9 billion refinancing of its existing term loan due in April 2020. The refinancing is expected to close on November 29, 2017.

Nick Hotchkin, the Company's CFO commented, "We are pleased with this strong demonstration of support from the finance community, which recognizes our continued business momentum and our global growth potential. We are committed to our previously stated long-term net leverage target of below 3.5x net debt to EBITDAS, reflecting our confidence in the sustainability of our growth and our cash generative business model."

The leverage neutral refinancing will include the following:

• a new term loan facility due 2024 in an aggregate principal amount of $1,540 million with an interest rate of LIBOR + 475 bps;
• 8.625% senior notes due 2025 in aggregate principal amount of $300 million; and
• a new $150 million revolving credit facility expiring in 2022 with an interest rate of LIBOR + 275 bps.

The Company intends to use the net proceeds from its new term loan and new senior notes, as well as $25 million of expected borrowings under its new revolving credit facility and an estimated $120 million of cash on hand, to pay off its outstanding borrowings under its existing term loan, as well as associated fees and expenses.

Under the new capital structure, total interest expense in 2018 is estimated to be approximately $140 million. In the fourth quarter of 2017, the Company will record a one-time charge associated with the partial write-off of refinancing fees.

The senior notes and related guarantees were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. The senior notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United Statesabsent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign security laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any senior notes, nor shall there be any sales of the senior notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Weight Watchers International, Inc.

Weight Watchers International, Inc. is one of the most recognized and trusted brand names among weight-conscious consumers. Weight Watchers provides commercial weight management services through a global network of Company-owned and franchise operations and offers innovative, digital weight management products through its websites, mobile sites and apps. These services and products are built on the Company's weight management program, which helps millions of people around the world lose weight through sensible and sustainable food plans, activity, behavior modification and group support. Weight Watchers has an unparalleled network of service providers to assist members on their journey and also offers a wide range of products, publications and programs for those interested in weight loss and healthier living.