Herbalife $104.8 million credit facility to close late next week

By Sara Rosenberg

New York, Feb. 23 - Herbalife International Inc. is expected to close on its $104.8 million amended and restated credit facility late next week, according to a market source. UBS is the sole lead arranger on the deal.

The facility consists of a $25 million revolver with an interest rate of Libor plus 250 basis points and a $79.8 million term loan with an interest rate of Libor plus 300 basis points.

Not only is this a significantly smaller facility than the one that the company currently has, but pricing is considerably lower as well when compared to the existing revolver pricing of Libor plus 350 basis points and the existing term loan pricing of Libor plus 400 basis points, according to the source.

The company is also said to be doing a bond deal with a portion of the proceeds earmarked for bank debt reduction.

Herbalife is a Los Angeles seller of weight management products, nutritional supplements and personal care products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.