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S&P gives Herbalife notes BB-
S&P said it gave BB- issue-level and 3 recovery rating to Herbalife Nutrition Ltd.'s planned $500 million of senior unsecured notes due 2029. The 3 recovery rating indicates an expectation for meaningful (50% to 70%; rounded estimate: 55%) recovery in default.
Subsidiaries HLF Financing Sarl LLC and Herbalife International Inc. will issue the notes, which will be guaranteed on a senior unsecured basis by Herbalife and any subsidiaries that guarantee the senior secured bank credit facility.
“All our existing ratings on the group, including our 'BB-' issuer credit rating, are unchanged,” S&P said in a press release.
Herbalife intends to use the proceeds to redeem all $400 million of its 7¼% senior unsecured notes due 2026 including fees and expenses, with the remaining proceeds to be used for general corporate purposes.
The outlook is stable.
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