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Herbalife Ltd announces offering of $1 bln of convertible notes

Monday, 3 Feb 2014 06:30am EST 

Herbalife Ltd:Intends to offer $1 bln aggregate principal amount of convertible senior notes due 2019 in a private offering to qualified institutional buyers.Says the initial purchasers of the Convertible Notes will be Bank of America Merrill Lynch, Credit Suisse, HSBC and Morgan Stanley.Says the company expects to grant an option to the initial purchasers to purchase up to an additional $150 mln aggregate principal amount of convertible notes.Says the convertible notes are expected to pay interest semiannually and upon conversion will be settled in cash and, if applicable, the company's common shares, based on a conversion rate to be determined at the pricing of the Convertible Notes.Says the convertible notes will mature on Aug. 15, 2019, unless repurchased or converted in accordance with their terms prior to such date.Says it expects to use the net proceeds from the sale of the convertible notes to fund the cost of repurchasing its common shares by entering into prepaid forward share repurchase transactions and the cost of certain capped call transactions, described below.Says it expects to use the remaining net proceeds from the offering for working capital and general corporate purposes, including, without limitation, the repurchase of outstanding common shares. 

Company Quote

1.32 +2.61%
29 Jul 2015