Published on 3/3/2004 in the Prospect News High Yield Daily.
New Issue: Herbalife sells $275 million seven-year notes to yield 9½%
By Paul A. Harris
St. Louis, March 3 - WH Holdings Ltd. and WH Capital Corp. (Herbalife) sold $275 million of seven-year senior notes (B3/B) Wednesday at par to yield 9½%, according to an informed source.
Price talk was 9½% to 9¾%.
UBS Investment Bank ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to refinance the capital structure of WH Holdings.
The issuer is a Century City, Calif.-based marketer of weight management and nutrition products.
Issuer: | WH Holdings Ltd. and WH Capital Corp. (Herbalife)
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Amount: | $275 million
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Maturity: | April 1, 2011
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Security description: | Senior notes
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Bookrunner: | UBS Investment Bank
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Coupon: | 9½%
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Price: | Par
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Yield: | 9½%
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Spread: | 593 basis points
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Call features: | Callable after April 1, 2008 at 104.75, 102.375, par on April 1, 2010 and thereafter
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Equity clawback: | Until April 1, 2007 for 40% at 109.50
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Pricing date: | March 3
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Settlement date: | March 8
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Price talk: | 9½%-9¾%
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