secwatch.observer — SEC 8-K summary
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Issuer:     HERBALIFE LTD. (HLF)
CIK:        0001180262
Form:       8-K
Filed at:   2024-04-18T23:59:59+00:00
Accession:  0001193125-24-100782
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 2.04, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/0001193125-24-100782-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1180262/000119312524100782/d814591d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-100782

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