GNC amends loan to modify senior secured leverage, fixed charge coverage ratios

By Sara Rosenberg

New York, Dec. 16 - GNC Corp. amended its credit facility, changing some restrictive covenants, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The consolidated senior secured leverage ratio was amended to 2.25-to-1.00 starting with the fiscal quarter ending Dec. 31, and the consolidated fixed charge coverage ratio was amended to less than 1.00-to-1.00 starting with the fiscal quarter ending Dec. 31.

Lehman Commercial Paper Inc. is administrative agent on the deal.

The amendment became effective on Tuesday, but effectiveness is conditioned on, among other things, the prepayment on or before Jan. 31, 2005 of at least $185 million of outstanding term loan debt.

GNC is a Pittsburgh retailer of nutritional supplements.

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