Company: WW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029511
Chunk: 292

Company: WW INTERNATIONAL, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 292
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 which $22.0 million is maintained at foreign subsidiaries), proceeds from the January 2025 borrowings under our Revolving Credit Facility and the continued impact of our cost-savings initiatives will provide us with sufficient liquidity to meet our obligations for at least the next twelve months from the issuance date. Our Revolving Credit Facility matures on April 13, 2026. This facility provides a source of liquidity for us.

On January 2, 2025 and January 31, 2025, we increased our outstanding debt by borrowing $50.0 million and $121.3 million, respectively, under our Revolving Credit Facility currently at an interest rate of approximately 7.3%. As a result of these drawdowns and outstanding letters of credit, we have no availability for future borrowings under our Revolving Credit Facility. All outstanding borrowings under the Revolving Credit Facility on April 13, 2025 and thereafter will be reflected as a current liability.

60

If the aggregate principal amount of extensions of credit outstanding under the Revolving Credit Facility, inclusive of outstanding letters of credit, as of any fiscal quarter end exceeds 35%, or $61.3 million, of the amount of the aggregate commitments under the Revolving Credit Facility, we are required to be in compliance with a Consolidated First Lien Leverage Ratio of 5.25:1.00 through and including the first fiscal quarter of 2025 and 5.00:1.00 thereafter. Our Consolidated First Lien Leverage Ratio as of December 28, 2024 was 8.36:1.00. Accordingly, in order to avoid an Event of Default under the Revolving Credit Facility, absent the Company and our lenders agreeing to a change in the existing terms and conditions, we will need to repay Revolving Credit Facility borrowings in excess of $61.3 million by March 29, 2025, the end of the Company's first fiscal quarter of 2025. At December 28, 2024, the Company also had outstanding $1,445.0 million of total debt, consisting of borrowings under the Term Loan Facility (as defined below) of $945.0 million that mature on April 13, 2028 and $500.0 million in aggregate principal amount of Senior Secured Notes (as defined below) that matures on April 15, 2029. The debt facilities pursuant to which such long-term debt was issued contain cross-default and/or cross-accel