GNC sets Thursday launch for $735 million credit facility

By Sara Rosenberg

New York, Feb. 20 - GNC Parent Corp. has scheduled a bank meeting for Thursday to launch its proposed $735 million credit facility, according to a market source.

JPMorgan and Goldman Sachs are the lead banks on the deal, with JPMorgan the left lead.

The facility consists of a $50 million revolver and a $685 million term loan B, the source said.

Proceeds will be used to help fund the leveraged buyout of the company by Ares Management LLC and Ontario Teachers' Pension Plan from Apollo Management, LP in a transaction valued at around $1.65 billion, subject to certain adjustments.

GNC is a Pittsburgh-based retailer of nutritional products, vitamin, mineral, herbal and other specialty supplements and sports nutrition, diet and energy products.

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