---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-100782"
form_type: "8-K"
ticker: "HLF"
cik: "0001180262"
company_name: "HERBALIFE LTD."
filed_at: "2024-04-18T23:59:59+00:00"
generated_at: "2026-06-03T18:11:37.441500+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Herbalife closes $1.6B senior secured refinancing; issues $800M 12.25% notes due 2029

## Summary
- Issued $800M aggregate principal of 12.250% Senior Secured Notes due 2029 at 97.298% of par.
- Entered into $400M Term Loan B at SOFR+6.75% (93% of face) and $400M revolver due 2028.
- Proceeds to repay 2018 credit facilities and redeem $300M of 7.875% 2025 notes at 101.969%.
- CFO targets Total Leverage Ratio of 3.0x by end of 2025; covenant max starts at 4.50x.
- Term Loan B requires 5% quarterly amortization; notes non-callable for two years.

## SEC filing metadata
- accession: 0001193125-24-100782
- form_type: 8-K
- ticker: HLF
- cik: 0001180262
- company_name: HERBALIFE LTD.
- filed_at: 2024-04-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 2.04, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/d814591d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-100782
- JSON: https://secwatch.observer/filing/0001193125-24-100782.json
- Plain text: https://secwatch.observer/filing/0001193125-24-100782.txt

## Key facts
- Debt Financings
  HERBALIFE LTD. incurred revolving credit of $400 million with Coöperatieve Rabobank U.A., New York Branch, as administrative agent at Adjusted Term SOFR plus a margin of between 5.50% and 6.50%, or base rate plus a maturing April 12, 2028.
  - Instrument: revolving credit
  - Principal: $400 million
  - Counterparty: Coöperatieve Rabobank U.A., New York Branch, as administrative agent
  - Rate: Adjusted Term SOFR plus a margin of between 5.50% and 6.50%, or base rate plus a
  - Maturity: April 12, 2028
  - Event: incurrence
  source text: the Revolving Credit Facility, with an aggregate principal amount of $400 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- Debt Financings
  HERBALIFE LTD. incurred senior notes of $800 million aggregate principal amount with Citibank, N.A., as trustee and notes collateral agent at 12.250% maturing April 15, 2029.
  - Instrument: senior notes
  - Principal: $800 million aggregate principal amount
  - Counterparty: Citibank, N.A., as trustee and notes collateral agent
  - Rate: 12.250%
  - Maturity: April 15, 2029
  - Event: incurrence
  source text: issued $800 million aggregate principal amount of 12.250% Senior Secured Notes due 2029 (the "Notes") to certain initial purchasers
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- Debt Financings
  HERBALIFE LTD. incurred term loan of $400 million with Jefferies Finance LLC, as administrative agent at Adjusted Term SOFR plus a margin of 6.75%, or base rate plus a margin of 5.75% maturing April 12, 2029.
  - Instrument: term loan
  - Principal: $400 million
  - Counterparty: Jefferies Finance LLC, as administrative agent
  - Rate: Adjusted Term SOFR plus a margin of 6.75%, or base rate plus a margin of 5.75%
  - Maturity: April 12, 2029
  - Event: incurrence
  source text: ecured Credit Facility On April 12, 2024, the Company, HLF Financing, HII, Herbalife International Luxembourg S.à R.L., HBL IHB Operations S.à r.l., certain subsidiaries of the Company party thereto as guarantors, the lenders party thereto, each issuing bank, Jefferies Finance LLC, as administrative agent for the lenders under the term loan B facility (the “Term B Facility”) and as collateral agent, and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), as administrative agent for the lenders under the revolving credit facility (the “Revolving Credit Facility”, and together with the Term B Facility, the “Credit Facilities”), entered into an eighth amendment (the “Amendment”) to the Credit Agreement dated as of August 16, 2018 (as so amended, the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- Debt Financings
  HERBALIFE LTD. faced acceleration on senior notes of $300 million aggregate principal amount at 7.875%.
  - Instrument: senior notes
  - Principal: $300 million aggregate principal amount
  - Rate: 7.875%
  - Event: acceleration
  source text: Obligation or an Obligation under an Off-Balance Sheet Arrangement. On April 4, 2024, the Company and HLF Financing, Inc. issued a conditional notice of redemption to redeem $300 million aggregate principal amount of its outstanding 7.875% Senior Notes due 2025 (the “2025 Notes”), subject to satisfaction or waiver by the Company of the condition that certain
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- Material Agreements
  HERBALIFE LTD. entered into Indenture with Citibank, N.A. valued at $800 million aggregate principal amount of 12.250% Senior Secured Notes due 2029 (effective 2024-04-12).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Citibank, N.A.
  - Value: $800 million aggregate principal amount of 12.250% Senior Secured Notes due 2029
  - Effective: 2024-04-12
  source text: On April 12, 2024, HLF Financing SaRL, LLC (“HLF Financing”) and Herbalife International, Inc. (“HII” and together with HLF Financing, the “Issuers”), each a wholly owned subsidiary of Herbalife Ltd., a Cayman Islands exempted company incorporated with limited liability (the “Company”), issued $800 million aggregate principal amount of 12.250% Senior Secured Notes due 2029 (the “Notes”) to certain initial purchasers (the “Offering”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
- Material Agreements
  HERBALIFE LTD. amended Amendment with Jefferies Finance LLC and Coöperatieve Rabobank U.A., New York Branch valued at $400 million Term B Facility and $400 million Revolving Credit Facility (effective 2024-04-12).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Jefferies Finance LLC and Coöperatieve Rabobank U.A., New York Branch
  - Value: $400 million Term B Facility and $400 million Revolving Credit Facility
  - Effective: 2024-04-12
  source text: On April 12, 2024, the Company, HLF Financing, HII, Herbalife International Luxembourg S.à R.L., HBL IHB Operations S.à r.l., certain subsidiaries of the Company party thereto as guarantors, the lenders party thereto, each issuing bank, Jefferies Finance LLC, as administrative agent for the lenders under the term loan B facility (the “Term B Facility”) and as collateral agent, and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), as administrative agent for the lenders under the revolving credit facility (the “Revolving Credit Facility”, and together with the Term B Facility, the “Credit Facilities”), entered into an eighth amendment (the “Amendment”) to the Credit Agreement dated as of August 16, 2018 (as so amended, the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.