Herbalife Nutrition prices $250M 4.25% convertible notes due 2028; to repurchase $287.5M existing notes

HERBALIFE LTD.

Priced $250 million aggregate principal of 4.25% convertible senior notes due June 15, 2028, plus $37.5M option for initial purchasers.
Initial conversion price ~$16.98 per share, a 30% premium over Dec. 6 closing of $13.06.
Net proceeds estimated at $241.9M (or ~$278.4M if option fully exercised).
Proceeds plus revolving credit borrowings to repurchase $287.5M of existing 2.625% convertible notes due 2024.
Closing expected on or about Dec. 9, 2022.

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