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GNC bond tender to be financed in part with new notes, deal expected in March
By Paul A. Harris
St. Louis, Feb. 16 - Tender offers from GNC Parent Corp. and General Nutrition Centers, Inc., announced Friday, are expected to be financed in part with the proceeds from a new issue of high-yield notes, according to a market source who said that the deal will likely come to market in mid-March.
GNC Parent is tendering for its $425 million floating-rate senior PIK notes due 2011. In addition, General Nutrition Centers is tendering for its $150 million outstanding 8 5/8% senior notes due 2011 and $215 million outstanding 8½% senior subordinated notes due 2010.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are the dealer managers.
The tender offers will expire at midnight ET on March 15.
The companies are also soliciting consents to amend the indentures governing the notes to eliminate substantially all of the restrictive covenants and some events of default.
GNC is the parent company of General Nutrition Centers, a Pittsburgh-based nutritional supplements retailer that is being acquired by Ares Management LLC and Ontario Teachers' Pension Plan from Apollo Management, LP.
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