The bonds of WW International (WW, Financial), formerly known as Weight Watchers International, continued to recover in the fourth quarter as the company’s business metrics continued to improve. The company in December announced an extension of its relationship with Oprah Winfrey, a move well received by investors. Although these bonds trade wide of single-B peers, in our view they are approaching full valuation.
From First Eagle Investment (Trades, Portfolio)'s High Yield Fund fourth-quarter 2019 commentary.
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