GNC to sell $500 million five-year senior secured notes

By Paul A. Harris

Portland, Ore., Nov. 8 – GNC Holdings, Inc. plans to sell $500 million of five-year senior secured notes, according to a market source.

BofA Merrill Lynch is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The issuing entity will be wholly owned subsidiary General Nutrition Centers, Inc.

The Pittsburgh-based specialty health, wellness and performance retailer plans to use the proceeds, together with a new term loan and asset-based revolver, to prepay and terminate its existing credit facility, with any remaining proceeds to be used for general corporate purposes.

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