Herbalife Ltd. Announces New $700 Million Credit Facility
09 März 2011 - 8:31PM
Business Wire
Herbalife Ltd. (NYSE: HLF) today announced that it has entered
into a new $700 million senior secured revolving credit
facility.
The new five year facility matures on March 9, 2016. This new
facility was arranged by Bank of America Merrill Lynch and JP
Morgan Securities LLC as joint lead arrangers and joint book
managers. Banks included in the new facility are Bank of America
N.A. as Administrative Agent, JP Morgan Chase Bank N.A. as
Syndication Agent and Rabobank International as Documentation
Agent. Other participating lenders include HSBC, Key Bank, Union
Bank, Wells Fargo Bank, ING and Comerica. The new facility replaces
a $300 million senior secured credit facility entered into in July
2006 that was originally comprised of a $100 million revolving
credit facility (which was later amended in 2007 to increase the
revolver capacity by $150 million to $250 million) and a $200
million term loan due to expire in 2012 and 2013, respectively.
Chief Financial Officer John DeSimone stated, "This expanded
credit facility is a reflection of the financial strength of the
company and will provide more flexibility as we look to continue to
increase shareholder value."
About Herbalife
Herbalife Ltd. (NYSE:HLF) is a global network marketing company
that sells weight-management, nutrition, and personal care products
intended to support a healthy lifestyle. Herbalife products are
sold in 75 countries through a network of approximately 2.1 million
independent distributors. The company supports the Herbalife Family
Foundation and its Casa Herbalife program to help bring good
nutrition to children. Herbalife's website contains a significant
amount of information about Herbalife, including financial and
other information for investors at http://ir.Herbalife.com. The
company encourages investors to visit its website from time to
time, as information is updated and new information is posted.
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are
"forward-looking statements" for purposes of federal and state
securities laws, including any projections of earnings, revenue or
other financial items; any statements of the plans, strategies and
objectives of management for future operations; any statements
concerning proposed new services or developments; any statements
regarding future economic conditions or performance; any statements
of belief; and any statements of assumptions underlying any of the
foregoing. Forward-looking statements may include the words "may,"
"will," "estimate," "intend," "continue," "believe," "expect" or
"anticipate" and any other similar words.
Although we believe that expectations reflected in any of our
forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Our future financial condition and
results of operations, as well as any forward-looking statements,
are subject to change and to inherent risks and uncertainties, such
as those disclosed or incorporated by reference in our filings with
the Securities and Exchange Commission. Important factors that
could cause our actual results, performance and achievements, or
industry results to differ materially from estimates or projections
contained in our forward-looking statements include, among others,
the following:
- any collateral impact resulting from
the ongoing worldwide financial "crisis," including the
availability of liquidity to us, our customers and our suppliers or
the willingness of our customers to purchase products in a
recessionary economic environment;
- our relationship with, and our ability
to influence the actions of, our distributors;
- improper action by our employees or
distributors in violation of applicable law;
- adverse publicity associated with our
products or network marketing organization;
- changing consumer preferences and
demands;
- our reliance upon, or the loss or
departure of any member of, our senior management team which could
negatively impact our distributor relations and operating
results;
- the competitive nature of our
business;
- regulatory matters governing our
products, including potential governmental or regulatory actions
concerning the safety or efficacy of our products and network
marketing program, including the direct selling market in which we
operate;
- third party legal challenges to our
network marketing program;
- risks associated with operating
internationally and the effect of economic factors, including
foreign exchange, inflation, disruptions or conflicts with our
third-party importers, pricing and currency devaluation risks,
especially in countries such as Venezuela;
- uncertainties relating to the
application of transfer pricing, duties, value added taxes, and
other tax regulations, and changes thereto;
- uncertainties relating to
interpretation and enforcement of recently enacted legislation in
China governing direct selling;
- our inability to obtain the necessary
licenses to expand our direct selling business in China;
- adverse changes in the Chinese economy,
Chinese legal system or Chinese governmental policies;
- our dependence on increased penetration
of existing markets;
- contractual limitations on our ability
to expand our business;
- our reliance on our information
technology infrastructure and outside manufacturers;
- the sufficiency of trademarks and other
intellectual property rights;
- product concentration;
- changes in tax laws, treaties or
regulations, or their interpretation;
- taxation relating to our
distributors;
- product liability claims; and
- whether we will purchase any of our
shares in the open market or otherwise.
We do not undertake any obligation to update or release any
revisions to any forward-looking statements or to report any events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events, except as required by law.
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