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Published on 3/19/2020 in the Prospect News Bank Loan Daily.

Herbalife reprices, extends revolver and term loan, ups to $547.3 million

By Wendy Van Sickle

Columbus, Ohio, March 19 – Herbalife Nutrition Ltd. amended its existing credit agreement to increase the capacity, extend the maturity and reduce the interest rate, according to a news release and an 8-K filing with the Securities and Exchange Commission.

Specifically, borrowing capacity under the revolving credit facility was increased by $32.5 million to $282.5 million, and the term loan A was increased by $30.5 million to $264.8 million.

The interest rate applicable to both tranches is Libor plus 250 basis points, a reduction of 50 bps from prior to the amendment.

The revolver’s commitment fee was reduced by 15 bps to 35 bps.

The maturity date of each of the revolver and the term loan was extended to March 19, 2025.

Rabobank is the administrative agent and bookrunner and is a joint lead arranger along with Citizens Bank, NA, Citicorp North America, Inc., Fifth Third Bank, Mizuho Bank, Ltd., Bank of America, NA and BBVA Compass.

Comerica Bank and Standard Chartered Bank are the co-syndication agents.

Herbalife is a Los Angeles-based nutrition and weight management company.


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