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Moody’s reviews GNC, rates loans
Moody's Investors Service said it assigned a provisional B3 rating to General Nutrition Center's Inc.'s (GNC) proposed senior secured term loan and a provisional Ba3 to its proposed ABL FILO term loan.
The agency also placed the Caa1 corporate family rating and Caa1-PD probability of default rating on review for upgrade.
"GNC's proposed refinancing coupled with the completion of the preferred equity investment by CITIC Capital and Harbin Pharmaceuticals would address its near-term maturities and improve liquidity as it continues to work to stabilize its operating income as it executes its business realignment," Moody's vice president Christina Boni said in a news release.
The agency said it anticipates that GNC can continue to generate an estimated $100 million in free cash flow annually post the transaction to further reduce debt.
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