GNC tweaks maturity extension amendment to thwart holdouts [Reuters]
GNC ACQUISITION HOLDINGS (GNC)
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Source: Reuters
GNC tweaks maturity extension amendment to thwart holdouts | Reuters 5 Min Read NEW YORK, Feb 21 (LPC) - Ailing US vitamin and supplement retailer GNC Holdings Inc has sweetened the terms of a complex amendment to its existing credit agreement to extend a looming March 2019 debt maturity, after early consents from lenders fell short of a required threshold, according to three sources familiar with the transaction. GNC launched the amendment on February 13, offering fees to lenders of its US$1.13bn leveraged loan to push out the maturity by two years to March 2021, in order to buy the company additional time to stage a turnaround. Goldman Sachs is advising on the amendment, while JP Morgan is administrative agent. The proposal marks the fourth time since May 2017 that the company has attempted to refinance the loan and stave off a default. The previous efforts were scuttled by investors concerned about GNC’s slumping sales as brick-and-mortar retailers struggle in the face of online co
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