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General Nutrition Centers completes term loan repricing
By Sara Rosenberg
New York, May 31 - General Nutrition Centers Inc. amended its credit facility, reducing the term loan interest rate to Libor plus 275 basis points from Libor plus 300 bps and adding a step down to Libor plus 250 bps under certain conditions, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
The amendment also modified certain non-financial covenants, including eliminating a requirement for 50% mandatory prepayment of the net cash proceeds from the issuance of capital stock by GNC and permitting GNC to make restricted payments with the proceeds of any indenture restricted payment or available cash.
The amendment was completed on May 25.
Lehman is the administrative agent on the deal.
General Nutrition is a Pittsburgh-based retailer of nutritional supplements.
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