GNC Holdings Inc. is exploring options to rework its nearly $900 million debt load to get ahead of key borrowing dates, Bloomberg News reported. The health and wellness company is in talks with creditors about ways to bolster its capital structure before maturities come due. GNC’s $159 million of convertible notes mature in August 2020, with $448 million of term loans due the following year. GNC is working with investment bankers at UBS Group AG, which advised the company on a recent non-deal roadshow, and restructuring advisers at Evercore Inc. GNC sells health and nutrition products worldwide, including vitamins, supplements, minerals, herbs, sports nutrition, diet and energy supplements. It has over 4,800 retail locations throughout the U.S., including more than 1,000 franchise and 1,200 Rite Aid store-within-a-store locations, as well as franchise operations in 46 international markets, according to its website. GNC plans to shutter as many as 900 stores by the end of next year and is cutting its mall outlets in half as traffic continues to fall, Chief Executive Officer Ken Martindale told
investors on a July 22 conference call.
