(Corrects rate paid on credit line in fourth paragraph of story published July 30.)
Herbalife Ltd. (HLF:US), a nutritional and weight-loss supplement maker, obtained a $500 million add-on term loan to a credit pact from March 2011.
Bank of America Corp., Rabobank International, HSBC Holdings Plc and Wells Fargo & Co. arranged the transaction, the company said today in a statement distributed by Business Wire.
“This new credit facility is yet another reflection of the financial strength of the company and will provide additional flexibility as we look to continue to increase shareholder value,” John DeSimone, chief financial officer, said in the statement.
Herbalife has a $700 million revolving line of credit due in March 2016, according to data compiled by Bloomberg. The debt pays interest at 1.75 percentage points more than the London interbank offered rate, the data show.
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