Daily News: March 2, 2018

JPMorgan Agents GNC Nutrition Refi


GNC Nutrition Centers extended the maturity date of its term loans, cancelled its existing revolving credit facility and entered into a new $100 million ABL revolver. A portion of the extended term loans were exchanged for ABL FILO term loans which, together with certain other newly funded ABL FILO term loans, equal $275 million in aggregate principal amount.

According to a related 8-K filing, JPMorgan Chase served as administrative agent for the transaction.

For the ABL facility, Barclays Bank and Citizens served as co-documentation agents, while JPMorgan, Barclays Bank and Citizens were joint lead arrangers and bookrunners. For the revolving credit facility, Goldman Sachs Bank joined JPMorgan, Barclays and Citizens as joint lead arranger and bookrunner.

For the term loan, Barclays and Citizens were co-documentation agents; JPMorgan, Barclays Bank and Citizens Bank were joint lead arrangers and bookrunners; JPMorgan was administrative agent, and GLAS Trust Company was collateral agent.

The ABL revolver and ABL FILO loans mature in August 2022 and December 2022, respectively, subject to certain conditions.

The completion of the amendment and extension process satisfies a condition to closing of the previously announced approximately $300 million strategic investment in the company by Harbin Pharmaceutical Group Holding. Both parties are continuing to work together to complete the transaction.

“This amendment improves our financial flexibility and is an important milestone as we work to complete our transaction with Hayao,” said Ken Martindale, chief executive officer of GNC. “We are very pleased with the strong support we received from our term loan lenders. We remain focused on continuing to enhance the customer experience and deliver innovative products as we drive improved financial performance and long-term value for our stakeholders.”

Pittsburgh-based GNC Holdings is a global specialty health, wellness and performance retailer.