By Paul A. Harris
St. Louis, Jan. 11 - General Nutrition Centers Inc. priced $150 million of senior notes due Jan. 15, 2011 (B3/B-) at par to yield 8 5/8% on Tuesday, according to an informed source.
Price talk was in the 8½% area.
Lehman Brothers ran the books for the Rule 144A/Regulation S issue. JP Morgan was the co-manager.
Proceeds will be used to partially refinance the company's senior term loan facility.
General Nutrition Centers is a Pittsburgh-based nutritional supplements retail chain.
Issuer: General Nutrition Centers Inc.
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | Lehman Brothers
|
| Co-manager: | JP Morgan
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 472 basis points
|
| Call feature: | Callable on Jan. 15, 2008 at 104.313, 102.156 and par on and after Jan. 15, 2010
|
| Equity clawback: | Until Jan. 15, 2008 for up to 35% at 108.625
|
| Trade Date: | Jan. 11
|
| Settlement date: | Jan. 18
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8½% area
|
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