Herbalife completes $500 million term loan at Libor plus 175 bps

By Sara Rosenberg

New York, July 30 - Herbalife Ltd. amended its credit facility, adding a new $500 million term loan, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the loan can range from Libor plus 150 basis points to 250 bps based on leverage, with the initial rate set at Libor plus 175 bps.

Bank of America Merrill Lynch, RaboBank, HSBC Securities (USA) Inc. and Wells Fargo Securities LLC acted as the joint lead arrangers and bookrunners on the deal.

Proceeds were used to pay down revolver borrowings.

The amendment was completed on July 26.

Herbalife is a Cayman Islands-based nutrition company that sells weight-management, nutrition and personal care products.

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