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Herbalife Ltd announces pricing of $1 billion of convertible notes


Tuesday, 4 Feb 2014 06:30am EST 

Herbalife Ltd:Says the pricing of its offering of $1 billion aggregate principal amount of convertible senior notes due 2019 in a private offering to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933, as amended.Says the joint book-running managers for the offering of the Convertible Notes were Bank of America Merrill Lynch, Credit Suisse, HSBC and Morgan Stanley.Says the company expects to close the sale of the convertible notes on or about Feb. 7.Says the company estimates that the net proceeds from the sale of the convertible notes will be approximately $975 million, after deducting the initial purchasers` discounts and commissions and the estimated offering expenses payable by the company.Says the company intends to apply approximately $686 million of the net proceeds to fund the cost of purchasing common shares by entering into prepaid forward share repurchase transactions.Says and approximately $111 million of the net proceeds to fund the cost of certain capped call transactions, each as described below.Says the company 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

50.1
-0.87 -1.71%
20 Aug 2014