GNC Holdings Inc (NYSE:GNC) has executed exchange deals with certain holders of its 1.50% the “2020 Notes” to exchange, in privately discussed deals, around $98.9 million total principal sum of the 2020 Notes for a total of around 14.6 million shares of company’s class A common stock, along with cash of approximately $0.5 million, exhibiting accrued and unpaid interest on the Notes being exchanged. These Notes being exchanged will be closed upon completion of the exchange deals. The exchange transactions are projected to close on or around December 26, 2017.
These exchange deals are part of GNC’s plan to implement measures to enhance company’s capital structure and create shareholder value. In the upcoming period, the company may involve in additional exchange deals with holders of 2020 Notes for equities of the Company’s class “A” common stock, notes or other consideration. Moreover, the firm may, dependent on market conditions and several other factors, involve in additional financing deals in the future, which may comprise equity-linked, debt securities, loans or equity.
GNC Holdings based in Pittsburgh, PA is a major international specialty wellness, health and performance retailer. The company connects consumers to their best selves by providing a premium assortment of wellness, heath and performance products, including performance supplements, protein, vitamins, greens and herbs, wellness supplements, beauty and health, food and drink, weight management supplements and other general merchandise. This variety features proprietary company and nationally known third-party brands.
GNC Holdings’ diversified, multi-channel business arrangement records revenue from product sales via firm owned retail stores, international and domestic franchise operations, third-party contract manufacturing, corporate and e-commerce partnerships. As of the close of September 30, 2017, the company posted around 9,000 locations, of which nearly 6,800 retail sites are in the U.S. including around 2,400 Rite Aid franchise outlets, and franchise operations in around 50 countries.