New Issue: Herbalife sells $275 million seven-year notes to yield 9½%

By Paul A. Harris

St. Louis, March 3 - WH Holdings Ltd. and WH Capital Corp. (Herbalife) sold $275 million of seven-year senior notes (B3/B) Wednesday at par to yield 9½%, according to an informed source.

Price talk was 9½% to 9¾%.

UBS Investment Bank ran the books on the Rule 144A/Regulation S issue.

Proceeds will be used to refinance the capital structure of WH Holdings.

The issuer is a Century City, Calif.-based marketer of weight management and nutrition products.

Issuer:	WH Holdings Ltd. and WH Capital Corp. (Herbalife)
Amount:	$275 million
Maturity:	April 1, 2011
Security description:	Senior notes
Bookrunner:	UBS Investment Bank
Coupon:	9½%
Price:	Par
Yield:	9½%
Spread:	593 basis points
Call features:	Callable after April 1, 2008 at 104.75, 102.375, par on April 1, 2010 and thereafter
Equity clawback:	Until April 1, 2007 for 40% at 109.50
Pricing date:	March 3
Settlement date:	March 8
Ratings:	Moody's: B3
	Standard & Poor's: B
Price talk:	9½%-9¾%

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