PITTSBURGH, Jun 12, 2020 (GLOBE NEWSWIRE) – GNC Holdings, Inc. (NYSE: GNC), a global health and wellness brand that helps people live well, today announced it has entered into an agreement with groups of lenders required to extend the anticipated maturities for certain loans.
As previously noted, GNC’s Tranche B-2 Term Loan, FILO Term Loan and Revolving Credit Facility have early maturities which, prior to today’s changes, may be accelerated from August 10, 2020. until June 15, 2020 if certain conditions are not met. Due to the impacts of COVID-19 on its business, the Company expected that it would not be able to meet some of these conditions, which could result in an acceleration of the spring deadline.
Following discussions with its lenders, GNC has entered into modifications to its loan agreements to extend from June 15, 2020 to June 30, 2020 the dates on which, in certain circumstances, the respective maturity dates of the loan facility at term, FILO credit facility and revolving credit facility can accelerate.
The Company continues to explore all of the strategic options available to it to refinance and restructure its debt in order to ensure business continuity and to protect the long-term financial interests of the Company and the interests of key stakeholders. the society. GNC will share additional updates when the company’s board of directors has approved a specific alternative or transaction or determined that additional disclosure is appropriate or required by law.
GNC’s founding principles of providing high-quality scientific health and wellness products remain strong and are more relevant than ever in today’s environment. The Company remains committed to executing its business strategies that will position it for long-term growth for the benefit of its stakeholders.
GNC Holdings, Inc. (NYSE: GNC) is a leading global health and wellness brand providing high-quality science-based products and solutions consumers need to live powerful, healthy lives. , live long and live well.
The brand reaches consumers around the world by providing its products and services through company-owned retail outlets, national and international franchises, digital commerce, and strong wholesale and retail partnerships across the globe. GNC’s diverse, multi-channel business model has global reach and a well-recognized brand of trust. By combining exceptional innovation, product development capabilities and an extensive global distribution network, GNC manages a premier product portfolio. As of March 31, 2020, GNC had approximately 7,300 locations, of which approximately 5,200 retail locations are located in the United States (of which approximately 1,600 Rite Aid licensed stores) and the remainder are located in approximately 50 countries.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the financial condition, results of operations and business of the Company which do not constitute historical information. Forward-looking statements can often be identified by the use of terms such as “subject to”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “believes”. “,” Projects “,,” “will”, “should”, “may”, their negative aspects, their variations and similar expressions, or by discussions concerning the strategy and prospects of the Company. Although the Company thinks that there is a reasonable basis for its expectations and beliefs, these are inherently uncertain and subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to be expected and many of which are beyond our control. These risks, contingencies and uncertainties are linked to, among others: the highly competitive sector in which we operate; advertising or unfavorable perception of our products by consumers; product; our exploration of new strategic initiatives; our manufacturing operations; relations with our suppliers; our distribution network and inventory management; our ability to develop and maintain a relevant omnichannel experience for our customers; performance and our relationships with our franchisees; the location of our stores; availability of raw materials; risks associated with COVID-19 (novel coronavirus) and its impacts on our markets (including decreased customer traffic in shopping malls and other places where our stores are located); general economic conditions; the risk of delays, interruptions and disruptions in our global supply chain, including supply disruptions due to COVID-19 (novel coronavirus) or other outbreaks; material complaints or product recalls; regulatory conformity; the value of our brand; privacy protection and cybersecurity; our current debt profile and the risks associated with our capital structure; possible joint ventures; our key officers and employees; Assurance; and tax rate risks. The Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Actual results could differ materially from those described or suggested by these forward-looking statements. For a more detailed discussion of the material factors that may materially affect these forward-looking statements, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10- Q for the three months ended March 31, 2020.
Rachel Rosenblatt / Rachel Chesley