Herbalife launches $600 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, July 30 – Herbalife Nutrition Ltd. launched on Monday its $600 million seven-year senior secured first-lien term loan with price talk of Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Jefferies LLC and Rabobank are the lead arrangers on the deal.

Commitments are due at noon ET on Aug. 9, the source added.

Proceeds will be used with an impending unsecured debt offering to refinance an existing credit facility.

Herbalife is a Los Angeles-based nutrition and weight management company.

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