Herbalife to price $600 million 5.25-year notes on Wednesday

By Paul A. Harris

Portland, Ore., May 19 – Herbalife Nutrition Ltd. and HLF Financing, Inc. plan to price a $600 million offering of 5.25-year senior notes (existing ratings B1/BB-) on Wednesday, according to a syndicate source.

The Rule 144A and Regulation S for life offering was scheduled to be shopped to investors on a late Tuesday morning conference call.

BofA Securities Inc. is the left bookrunner. Jefferies LLC, Citigroup Global Markets Inc. and Rabo Securities are the joint bookrunners.

The notes become callable after 2.25 years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the coupon during the non-call period and a 101% poison put.

The Los Angeles-based nutritional supplements supplier plans to use the proceeds for general corporate purposes, which may include common share repurchases and other capital investment projects.

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