GNC Holdings, Inc. Reaches Agreement with Lenders for Extension of Debt Maturity Dates

GNC Holdings, Inc. a global health and wellness brand that helps people live well, announced today that it has reached an agreement with required lender groups to extend the springing maturity dates for certain loans.  

As previously disclosed, GNC’s Tranche B-2 term loan, FILO term loan and revolving credit facility feature springing maturities that, prior to today’s amendments, could be accelerated from August 10, 2020 to June 15, 2020 if certain conditions are not satisfied. Due to COVID-19 related impacts on its business, the Company expected it would not be able to satisfy certain of those conditions, which could result in the acceleration of the springing maturity date.

As a result of discussions with its lenders, GNC entered into amendments to its loan agreements to extend from June 15, 2020 to June 30, 2020 the dates on which, under certain circumstances, the respective springing maturity dates for the term loan facility, FILO credit facility and revolving credit facility may accelerate.

The Company continues to explore all strategic options available to it to refinance and restructure its debt to drive business continuity and protect the long term financial interests of the Company and the interests of the Company’s key stakeholders. GNC will share additional updates when the Company’s Board of Directors has approved a specific alternative or transaction or determined that further disclosure is appropriate or legally required.

GNC’s founding principles of delivering high quality science-based health and wellness products remain strong and are more relevant in today’s environment than ever before. The Company remains committed to executing on its business strategies that will position it for long-term growth to the benefit of its stakeholders.

About Us

GNC Holdings, Inc. is a leading global health and wellness brand that provides high quality science-based products and solutions consumers need to live mighty, live fit, live long and live well.

The brand touches consumers worldwide by providing its products and services through company-owned retail locations, domestic and international franchise locations, digital commerce and strong wholesale and retail partnerships across the globe. GNC’s diversified, multi-channel business model has worldwide reach and a well-recognized, trusted brand. By combining exceptional innovation, product development capabilities and an extensive global distribution network, GNC manages a best in class product portfolio. As of March 31, 2020, GNC had approximately 7,300 locations, of which approximately 5,200 retail locations are in the United States (including approximately 1,600 Rite Aid licensed store-within-a-store locations) and the remainder are locations in approximately 50 countries.

Contacts:

Investors:
Matt Milanovich
GNC
Matthew-Milanovich@gnc-hq.com 

John Mills
ICR
John.Mills@icrinc.com 

Media:
Rachel Rosenblatt / Rachel Chesley
FTI Consulting
GNCComms@fticonsulting.com