GNC and Harbin Pharmaceutical announce $300M strategic investment and China joint venture [Seeking Alpha]
GNC ACQUISITION HOLDINGS (GNC)
Last gnc acquisition holdings earnings: 3/24 06:02 pm
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Source: Seeking Alpha
GNC and Harbin Pharmaceutical announce $300M strategic investment and China joint ventureGNC Holdings (NYSE:GNC)signs an agreement regarding a strategic partnership and China joint venture agreement with Harbin Pharmaceutical Group ("Hayao"), a leading pharmaceutical company in China.Under the terms of the agreement, Hayao will invest ~$300M in GNC in the form of newly issued convertible perpetual preferred shares with a conversion price of $5.35 and a 6.5% annual coupon payable in cash or in kind.Closing date is expected in H2 2018. Following the closing, Hayao will own ~40% of GNC on an as converted basis.In addition, GNC and Hayao will form a joint venture for the manufacturing, marketing, sale and distribution of GNC-branded products in China.GNC will also amend certain terms and extend the maturity date by two years of its existing term loan facility due March 2019. The Company's existing Revolving Credit Facility will be cancelled and GNC will enter into a New $100M ABL Revolver
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