Herbalife Announces Credit Facility Amendment
04 Februar 2014 - 12:35PM
Business Wire
Herbalife Ltd. (NYSE: HLF) today announced it entered into an
amendment relating to its $500 million senior term loan and $700
million senior revolving loan credit facility, which will become
effective upon, among other conditions, the consummation of the
issuance of the company’s 2% Senior Convertible Notes due 2019, the
pricing of which the company announced today. Pursuant to this
amendment, Herbalife will amend the terms of its credit facility to
provide for technical amendments to the indebtedness, asset sale
and dividend covenants and the cross-default event of default to
accommodate the issuance of the convertible notes and the capped
call option entered into in connection therewith. The amendment
will also increase by 0.50% the highest applicable margin payable
by Herbalife in the event that Herbalife’s consolidated total
leverage ratio exceeds 2.50 to 1.00 and increase the permitted
consolidated total leverage ratio of Herbalife under the credit
facility.
About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a global nutrition company
that sells weight-management, nutrition, and personal care products
intended to support a healthy lifestyle. Herbalife products
are sold in over 90 countries through and to a network of
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 financial and other information
about Herbalife, 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
Although we believe that the 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 environment, including the
availability of liquidity to us, our customers and our suppliers or
the willingness of our customers to purchase products in a
difficult 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, including our ability
to comfort the marketplace, regulators and other third parties
regarding our compliance with applicable laws;
- 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;
- 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 legislation in China governing
direct selling;
- uncertainties relating to the
interpretation, enforcement or amendment of legislation in India
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;
- whether we will purchase any of our
shares in the open markets or otherwise; and
- share price volatility related to,
among other things, speculative trading and certain traders
shorting our common shares.
We do not undertake any obligation to update or release any
revisions to any forward-looking statement or to report any events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events, except as required by law.
Herbalife Ltd.MediaBarbara
Henderson, SVP, Worldwide Corp. Communications213-745-0517orJulian
Cacchioli, VP, Worldwide Corp.
Communications213-745-0519orInvestorsAmy Greene, VP, Investor
Relations213-745-0474
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