Thursday, December 21, 2017

GNC Announces Private Exchange of Approximately $98.9 Million Aggregate Principal Amount of its Convertible Senior Notes due 2020 for Shares of its Common Stock $GNC

More action from one of the Distressed Debt Watch companies, GNC filing:

GNC Holdings, Inc. (GNC) (the "Company"), a leading global specialty health, wellness and performance retailer, today announced that it has executed exchange agreements with certain holders of its 1.50% Convertible Senior Notes due 2020 (the "2020 Notes") to exchange, in privately negotiated transactions, approximately $98.9 million aggregate principal amount of the 2020 Notes for an aggregate of approximately 14.6 million shares of GNC's class A common stock, together with approximately $0.5 million in cash, representing accrued and unpaid interest on the 2020 Notes being exchanged. The 2020 Notes being exchanged will be retired upon completion of the exchange transactions. The exchange transactions are expected to close on or about December 26, 2017.

These exchange transactions are part of the Company's strategy to implement measures to optimize GNC's capital structure and enhance shareholder value. In the future we may engage in additional exchange transactions with holders of 2020 Notes for shares of the Company's class A common stock, convertible notes or other consideration. In addition, the Company may, subject to market conditions and other factors, engage in additional financing transactions in the future, which may involve equity, equity-linked or debt securities or loans.
As of October 20, 2017, there had been 69,002,867 outstanding shares.

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