Research Reports

Key takeaways

Subsidiaries priced $800 million aggregate principal of 7.750% senior secured notes due 2033 at 100.00% of par.

Interest paid semi-annually on May 1 and November 1, commencing November 1, 2026.

Notes guaranteed by Company and guarantors under senior secured credit facility.

Net proceeds plus credit facility refinancing and cash to repay existing debt including 12.250% notes due 2029.

Offering to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Expected closing April 29, 2026, subject to customary conditions.

Full analysis

Herbalife Ltd.'s subsidiaries, HLF Financing SaRL, LLC and Herbalife International, Inc., priced an $800 million offering of 7.750% senior secured notes due 2033 at par, providing a key refinancing opportunity. The notes carry semi-annual interest payments starting November 1, 2026, and are backed by guarantees from the parent company and its relevant subsidiaries tied to the existing credit facility. This structure enhances secured creditor protections. Proceeds, combined with refinancing of the senior secured credit facility and cash on hand, target repayment of outstanding borrowings and the higher-coupon 12.250% notes due 2029, alongside fees. The private placement under Rule 144A and Regulation S targets institutional investors, minimizing public market dilution. Closing is slated for April 29, 2026, pending standard conditions, signaling proactive debt management amid ongoing capital structure optimization.

HLF · Herbalife Nutrition Ltd.

Summary

Key takeaways

Full analysis