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Nutrisystem gets $100 million five-year revolver via Merrill, JPMorgan
By Susanna Moon
Chicago, Dec. 9 - Nutrisystem, Inc. closed a $100 million five-year unsecured revolving credit facility Monday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The company may boost the total size to $180 million, and the facility matures on Dec. 5, 2016.
Interest on the loans is Libor plus 175 basis points. The margin will be 150 bps to 250 bps, based on leverage.
The unused fee is 30 bps and will range from 25 bps to 45 bps.
Proceeds will be used for general corporate purposes and share repurchases.
Covenants include a maximum leverage ratio, a minimum fixed charge ratio and a minimum consolidated EBITDA requirement. They also include limitations on liens, acquisitions, consolidations and sales of assets.
Bank of America is also the swingline lender, letter-of-credit issuer and a lender. JPMorgan Chase Bank, NA is syndication agent. Bank of America Merrill Lynch and J.P. Morgan Securities LLC are co-lead arrangers and co-book managers.
Nutrisystem is a Horsham, Pa.-based provider of a weight management system.
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