Herbalife Nutrition Ltd. Enters into a Fourth Amendment to the Credit Agreement Dated as of August 16, 2018
July 30, 2021 at 04:39 pm EDT
Share
On July 30, 2021, Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited liability (Herbalife Nutrition" and, together with its subsidiaries, the Company"), HLF Financing SaRL, LLC, an indirect wholly-owned subsidiary of Herbalife Nutrition (HLF Financing"), Herbalife International Inc., an indirect wholly-owned subsidiary of Herbalife Nutrition (HII"), and Herbalife International Luxembourg S. R.L., an indirect wholly-owned subsidiary of Herbalife Nutrition (HIL" and, collectively with Herbalife Nutrition, HLF Financing and HII, the Borrowers"), certain subsidiaries of the Borrowers party thereto as guarantors, the lenders party thereto, and Co peratieve Rabobank U.A., New York Branch (Rabobank"), as administrative agent for the lenders under the term loan A facility (the Term Loan A Facility") and revolving credit facility (the Revolving Credit Facility" and together with the Term Loan A Facility, the Facilities")), entered into a fourth amendment (the Fourth Amendment") to the Credit Agreement dated as of August 16, 2018 among the Borrowers, the lenders party thereto, Jefferies Finance LLC, as administrative agent for the Lenders under the term loan B facility (the Term Loan B Facility") and collateral agent, and Rabobank (as amended to date, the Credit Agreement"). The Fourth Amendment, among other things, (i) increases the borrowings outstanding under the Term Loan A Facility from approximately $245.0 million to approximately $286.2 million, (ii) increases the borrowing capacity under the Revolving Credit Facility from $282.5 million to $330.0 million, (iii) reduces the interest rate for borrowings under the Facilities to, depending on the Company's total leverage ratio, either the eurocurrency rate plus a margin of between 1.75% and 2.25% or the base rate plus a margin of between 0.75% and 1.25%, and (iv) amends the commitment fee on the undrawn portion of the Revolving Credit Facility to, depending on the Company's total leverage ratio, between 0.25% to 0.35% per annum.
Herbalife Ltd. is a global nutrition company. The Company sells weight management; targeted nutrition; energy, sports and fitness; and other nutrition products to and through a network of independent members (Members). Its products include meal replacements, protein shakes, teas, aloes, high-protein snacks, vitamins and supplements, sports nutrition and outer nutrition products. The Company offers a range of meal replacement products, such as protein shakes, bars and soups. Its snack portfolio includes a variety of sweet, savory and creamy options, such as high protein iced coffee, protein bars, snack shakes, soups, baking mixes and others. Its Herbal Aloe Concentrate is a beverage formulated with aloe vera, which can be mixed with water, tea or protein shake. It has also developed a portfolio of dietary supplements, encompassing solutions for heart health, digestive health, immunity and others. It sells products in 95 markets across the world.