Herbalife revolver, term loan A bear interest at Libor plus 300 bps

By Wendy Van Sickle

Columbus, Ohio, Aug. 16 – Herbalife Nutrition Ltd. gave some details of its $250 million revolving credit facility and its $250 million term loan A, which are part of a $1.25 billion credit facility that also includes a $750 million term loan B, in a press release on Thursday.

The revolver and term loan A both mature in August 2023 and both accrue interest at Libor plus 300 basis points.

Rabobank acted as lead bookrunner, lead arranger and administrative agent for the revolver and term loan A.

Pricing on the term loan B is Libor plus 325 bps, as reported.

The term loan B has a 0% Libor floor and 101 soft call protection for six months.

Jefferies LLC and Rabobank were the lead arrangers of the term loan B, with Jefferies as administrative agent.

Proceeds were used, along with proceeds of $400 million of new senior notes, to help refinance an existing credit facility that had a revolving tranche due in February 2022 and a term loan tranche due in February 2023. Any remaining proceeds will be used for general corporate purposes.

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

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