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GNC Ponders Sale, IPO

PITTSBURGH-While exploring strategic alternatives, the parent company will sell $325 million in notes.

By Marita Thomas | Updated on November 07, 2006

PITTSBURGH-GNC Corp. says it is exploring strategic alternatives, which include the sale of the company or an initial public offering. At the same time, GNC Parent Corp., a newly formed holding company that controls locally based GNC, has announced its intention to offer $325 million in senior notes.

The offering is “subject to market conditions,” according to a statement, and the pricing and terms are to be determined. The notes are floating-rate senior unsecured payment-in-kind notes due in 2011 and will be offered to institutional buyers.

Proceeds from the sale, together with an unspecified amount of cash on hand, will be used to redeem GNC’s outstanding Series A preferred stock and repay a portion of General Nutrition Centers Inc. debt under its senior term loan facility.

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