Usana Health Sciences CEO begins tender offer in $138 million buyout of company

By Lisa Kerner

Charlotte, N.C., June 2 - Gull Holdings, Ltd., through Unity Acquisition Corp., began a $26-per-share tender offer to purchase all outstanding shares of common stock of Usana Health Sciences, Inc. that Gull and other participants in the offer do not already own.

The tender offer is slated to end at midnight ET on June 27 unless extended, according to a Gull Holdings news release.

Total value of the deal is about $138 million.

Gull Holdings, with a 68% stake in the company, is controlled by Usana chairman and chief executive officer Dr. Myron W. Wentz.

Conditions to the tender offer include the availability debt financing to purchase the shares, a majority of shares being tendered and Unity holding at least 90% of the outstanding shares of Usana common stock once the offer is complete.

It was previously reported that Gull Holdings' buyout of Usana would be financed through a $215 million senior secured credit facility consisting of a $15 million revolving credit facility and a $200 million term loan.

Proceeds from the facility also will be used to refinance Usana debt and to fund ongoing working capital requirements.

Ableco Finance LLC is the lead arranger, bookrunner, syndication agent and administrative agent on the facility.

Usana is a nutritional and personal care products company located in Salt Lake City.

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