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GNC Holdings pushes out springing maturity date under some loans
By Wendy Van Sickle
Columbus, Ohio, May 15 – GNC Holdings, Inc. said it reached an agreement with the required lender groups to extend the springing maturity dates for some of its loans.
GNC’s tranche B-2 term loan, first-in, last-out term loan and revolving credit facility feature springing maturities that, prior to Friday’s amendments, were to become due on May 16 if some conditions were not satisfied, according to a news release.
The company said that due to the effects of Covid-19 on its business, GNC expected it would not be able to reduce the amount outstanding under its convertible notes to less than $50 million by May 16, a requirement to avoid the springing maturity.
As a result of talks with its lenders, GNC said it entered into amendments to its loan agreements to extend the springing maturity dates for the term loan facility, FILO credit facility and revolver until Aug. 10, subject to some that, if not met, would cause the extended springing maturity date to move forward to June 15.
GNC said it continues to explore all strategic options available to it to refinance and restructure its debt to drive business continuity and protect the long term financial interests of the company and the interests of the company’s key stakeholders.
GNC Holdings is a Pittsburgh-based health, wellness and performance retailer.
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