WW International, formerly Weight Watchers, has been a powerhouse in the wellness industry for decades. The business has changed over its 56 years; for two-thirds of its members, digital tools have replaced the in-person meetings the company was built around. Still, the business's primary revenue driver remains subscriptions to its flagship weight-loss and wellness program.

In 2017, WW was starting to gear up for the launch of a major program innovation, but first the company needed to re-evaluate its debt situation. Its earnings before interest, tax, depreciation, amortization, and stock-based compensation (EBITDAS) totaled $258.7 million for 2016, and it owed $2.021 billion on an institutionally held term loan. The loan had an attractive interest rate, but it would come due in April 2020, which meant that in two years it would be a short-term liability. WW also had a $50 million revolving credit facility.