Herbalife Ltd. Announces Senior Secured Notes Offering and Credit Facility Amendment

Herbalife Ltd. announced the closing of an offering of $800 million aggregate principal amount of 7.750% Senior Secured Notes due 2033. The notes were offered to qualified institutional buyers and non-U.S. persons. The company also entered into a ninth amendment to its Credit Agreement, refinancing its existing credit facilities with a new Term A Facility of $225 million and a Revolving Credit Facility of $425 million. The net proceeds from the refinancing were used to repay outstanding debt, including the redemption of $800 million of existing 12.250% Senior Secured Notes due 2029. The new credit facilities bear interest based on the Company's total leverage ratio, with margins between 2.5% and 3.25% for Term SOFR or 1.5% and 2.25% for the base rate. The Term A Facility and Revolving Credit Facility mature on April 29, 2031, with earlier maturity dates possible under certain conditions. The Credit Agreement includes customary covenants and requires the Company to maintain specific leverage and coverage ratios. The company also announced these events via a press release.