GNC Holdings reached an agreement with required lender groups to extend the springing maturity dates for certain loans. According to an 8K filed with the SEC, JPMorgan Chase Bank served as administrative agent for the loans.
GNC’s tranche B-2 term loan, FILO term loan and revolving credit facility feature springing maturities that, prior to the current amendments, could be accelerated from Aug. 10, 2020 to June 15, 2020 if certain conditions are not satisfied. Due to COVID-19 related impacts on its business, GNC expected it would not be able to satisfy certain of those conditions, which could result in the acceleration of the springing maturity date.
As a result of discussions with its lenders, GNC entered into amendments to its loan agreements to extend from June 15, 2020 to June 30, 2020 the dates on which, under certain circumstances, the respective springing maturity dates for the term loan facility, FILO credit facility and revolving credit facility may accelerate.
GNC continues to explore all strategic options available to it to refinance and restructure its debt to drive business continuity and protect the long term financial interests of the company and the interests of the company’s key stakeholders.
GNC Holdings is a global health and wellness brand.