Moody’s rates Herbalife notes Ba2

Moody’s Ratings said it assigned a Ba2 rating to HLF Financing Sarl, LLC's planned $700 million of backed senior secured notes due 2029. The notes will be issued at HLF and Herbalife International, Inc., wholly owned subsidiaries of Herbalife Ltd., which along with each of the company’s subsidiaries will guarantee the notes.

Herbalife's B1 corporate family rating and B1-PD probability of default rating are not affected. The negative outlooks and all other ratings on Herbalife's and HLF's existing debt are also not affected, Moody’s said.

The Ba2 rating is in line with the rating assigned to the company’s planned term loan on March 27.

The notes, the term loan a partial draw on the previously announced proposed new $400 million senior secured revolver to refinance a large portion of its existing debt, including the bulk of its 2025 maturities.

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