NBTY to save $34 million a year with credit facility refinancing

By Jennifer Lanning Drey

Savannah, Ga., March 18 - NBTY Inc. will save $34 million per year in interest costs on an ongoing basis after refinancing its credit facility in February to eliminate the term loan A and reduce the Libor floor, Harvey Kamil, the company's chief financial officer, said Friday during its fiscal first-quarter earnings conference call.

NBTY had $146.71 million of cash and cash equivalents at Dec. 31, according to its earnings report for the fiscal first quarter.

Later in the call, chief executive officer Jeffrey Nagel commented that the company has great opportunities for bolt-on acquisitions and "would not shy away from" larger acquisitions either if the price were right.

Nagel also said NBTY's business performance was solid during the period ended Dec. 31. First-quarter sales were $742 million, which represents a 1% decrease from sales reported in the comparable prior-year period.

Consolidated EBITDA was $151 million, up 2% from consolidated EBITDA reported for the first quarter of fiscal 2010.

Nagel reminded listeners that the first quarter of fiscal 2010 was among the strongest in NBTY's history.

NBTY is a Ronkonkoma, N.Y.-based manufacturer and marketer of nutritional supplements.

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