HLF · Herbalife Nutrition Ltd.

Herbalife Ltd. completed a comprehensive refinancing on April 29, 2026, issuing $800 million of 7.750% senior secured notes due 2033 (the 'Notes') and amending its existing credit facility. The Notes were issued by wholly owned subsidiaries HLF Financing SaRL, LLC and Herbalife International, Inc., and are guaranteed on a senior secured basis by Herbalife Ltd. and certain subsidiaries. The Notes bear interest at 7.750% per annum, payable semi-annually, and mature on May 1, 2033. Concurrently, the company amended its 2024 credit facility to establish a $225 million Term Loan A and a $425 million revolving credit facility, both maturing in April 2031. The new credit facilities bear interest at SOFR plus a margin ranging from 2.50% to 3.25%, depending on leverage. The refinancing is expected to generate approximately $45 million in annual cash interest savings by replacing higher-cost debt: the $365 million term loan B and the $800 million 12.250% senior secured notes due 2029, which were redeemed at 106.125% of principal. The company used net proceeds from the Notes, borrowings under the revolving credit facility, and available cash to fund the repayments. The new Notes are non-callable for three years, and the credit facility includes financial covenants requiring a maximum total leverage ratio of 4.0x, a maximum first lien net leverage ratio of 2.5x, and a minimum fixed charge coverage ratio of 2.0x. This refinancing extends the company's maturity profile and provides additional financial flexibility.