GNC withdraws $500 million secured notes offering, ups bank loan

By Paul A. Harris and Sara Rosenberg

Portland, Ore., Nov. 27 – GNC Holdings Inc. withdrew its $500 million offering of senior secured notes due 2022 and shifted the proceeds to a concurrent bank loan deal, according to a market source.

The notes offering, which was being managed by BofA Merrill Lynch, had been struggling, market sources said. Early guidance was 10%.

As a result of the restructuring, the debt refinancing transformed into a $300 million term loan B-1 and a $905 million term loan B-2. The bank deal was initially in the market as a $705 million term loan B.

GNC is a Pittsburgh-based specialty health, wellness and performance retailer.

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