Nutrisystem amends $100 million revolver to address CEO severance pay

By Angela McDaniels

Tacoma, Wash., June 15 - Nutrisystem, Inc. amended its $100 million revolving credit facility on June 11, according to an 8-K filing with the Securities and Exchange Commission.

Chief executive officer Joe Redling's contract will not be renewed when it expires on Sept. 30. The company said the revolver was amended to address primarily the impact of severance and related expenses.

The amendment modified the minimum consolidated and restricted payments covenants and added a minimum cash requirement.

The company paid an amendment fee of 20 basis points.

The revolver continues to have an $80 million accordion feature and matures Dec. 5, 2016.

Bank of America, NA is the administrative agent.

Nutrisystem is a Fort Washington, Pa.-based provider of weight-loss products and services.

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