Lead arranger Jefferies has scheduled a lender call for today at noon ET to launch a repricing of Herbalife International Inc.'s $733.1 million covenant-lite first-lien term loan due August 2025, according to sources. Commitments are due at 4 p.m. ET on Feb. 8.
Price talk is L+250, with a 0% Libor floor, and the repriced loan is offered at par with the 101 soft call protection reset for six months. At talk, the yield to maturity is 2.73%.
Existing pricing on the loan is L+275, with a 0% floor.
Herbalife is a Los Angeles-based marketer and distributor of nutrition products. Current corporate ratings are BB-/Ba3, with stable outlooks.