New Issue: Herbalife sells upsized $600 million 4 7/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., May 6 – Herbalife International, Inc. and co-issuer HLF Financing Sarl, LLC priced an upsized $600 million issue of eight-year senior notes (B1/BB-) at par to yield 4 7/8% in a Thursday drive-by, according to market sources.

The issue size increased from $500 million.

The yield printed in the middle of price talk in the 4 7/8% area. Initial guidance was in the 5% area.

Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were BBVA Securities Inc., BofA Securities Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc. and Jefferies LLC.

The Los Angeles-based nutrition and weight management company plans to use the proceeds to redeem its 7¼% senior notes due 2026 and for general corporate purposes.

Issuers:	HLF Financing Sarl, LLC and Herbalife International, Inc.
Amount:	$600 million, increased from $500 million
Maturity:	June 1, 2029
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	BBVA Securities Inc., BofA Securities Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc. and Jefferies LLC
Co-managers:	Comerica Securities Inc. and Standard Chartered Bank
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	364 bps
First call:	June 1, 2024 at 102.438
Trade date:	May 6
Settlement date:	May 20
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4 7/8% area
Marketing:	Drive-by

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