By Paul A. Harris
St. Louis, Dec. 18 - General Nutrition Centers Holding Co. priced $100 million of series A exchangeable preferred stock on Thursday, with a dividend rate of 12%, according to an informed source.
Lehman Brothers ran the books on the Rule 144A issue. JP Morgan was co-manager.
The stock is exchangeable into notes with terms similar to those of the company's 8½% senior subordinated notes due Dec. 1, 2010.
The preferreds are putable on Dec. 1, 2011.
This issue is a secondary offering by Apollo of the sponsor preferred stock that was issued to fund the acquisition of General Nutrtion Centers by Apollo from Numico.
The Pittsburgh, Pa.-based company sells sports nutrition, diet, and vitamin supplement products.
| Issuer: | General Nutrition Centers Holding Co.
|
| Amount: | $100 million
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| Security description: | Series A exchangeable preferred stock
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| Bookrunner: | Lehman Brothers
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| Co-manager: | JP Morgan
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| Dividend rate: | 12%, payable quarterly beginning March 1, 2004
|
| Price: | Par
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| Put: | Putable on Dec. 1, 2011
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| Call features: | Immediately callable at 112, then 110.286, 108.571, 106.857, 105.143, 103.429, 101.714, par
|
| Exchange provision: | Exchangeable into notes with similar terms as the 8½% senior subordinated notes due 2010
|
| Payment provisions: | Optional cash or PIK pay
|
| Settlement date: | Dec. 23 with accrued interest from Dec. 15
|
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