GNC authorizes share repurchase; increases term loan

Pittsburgh – The board of directors of GNC Holdings has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately.  The GNC may finance any repurchases with cash, potential financing transactions, or a combination of the foregoing.  

All previous share repurchase authorizations have been completed. The company also increased its term loan to $1.35 billion. Under the new terms, the maturity date was extended by one year to March 2019 and repriced. In connection with this repricing, lenders will receive a 1% premium if the company consummates a "repricing transaction" within six months.

The continuation of our share repurchase program and evolution of our capital structure reaffirms our commitment to consistently return capital to shareholders, and reinforces our confidence in the fundamental strength and long-term prospects of the business," said Joe Fortunato, chairman, president and CEO of GNC.

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