Nutrisystem launches $557 million term loan B at Libor plus 525 bps

By Sara Rosenberg

New York, March 31 – Nutrisystem Inc. (KNS Acquisition Corp.) launched on Wednesday its $557 million seven-year covenant-lite term loan B (B1/B) with price talk of Libor plus 525 basis points with a 0.75% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc., Nomura, Jefferies LLC, BNP Paribas Securities Corp. and Rabobank are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on April 13.

Proceeds will be used with a $100 million privately placed second-lien loan to fund the acquisition of Adaptive Health, a marketer and manufacturer of branded, condition-specific, science-backed nutritional supplements.

Nutrisystem is a Fort Washington, Pa.-based provider of weight loss and wellness programs.

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