By Paul A. Harris
Portland, Ore., May 20 – Herbalife Nutrition Ltd. and HLF Financing, Inc. priced a $600 million issue of 5.25-year senior notes (B1/BB-) at par to yield 7 7/8% on Wednesday, according to market sources.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Jefferies LLC, Citigroup Global Markets Inc. and Rabo Securities.
The yield printed in the middle of yield talk in the 7 7/8% area and tight to initial talk in the 8% area.
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.
| Issuer: | Herbalife Nutrition Ltd. and HLF Financing, Inc.
|
| Amount: | $600 million
|
| Maturity: | Sept. 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | Jefferies LLC, Citigroup Global Markets Inc. and Rabo Securities
|
| Coupon: | 7 7/8%
|
| Price: | Par
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| Yield: | 7 7/8%
|
| Spread: | 750 bps
|
| First call: | Sept. 1, 2022 at 103.938
|
| Trade date: | May 20
|
| Settlement date: | May 29
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7 7/8% area
|
| Marketing: | Roadshow
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