February 13, 2018 / 11:11 AM / 8 days ago

BRIEF-GNC And Harbin Pharmaceutical Announce $300 Mln Strategic Investment

Feb 13 (Reuters) - Harbin Pharmaceutical Group Co Ltd :

* GNC AND HARBIN PHARMACEUTICAL ANNOUNCE $300 MILLION STRATEGIC INVESTMENT AND CHINA JOINT VENTURE

* GNC HOLDINGS INC - ‍ALSO ANNOUNCED PLANS TO AMEND CERTAIN TERMS AND EXTEND MATURITY DATE OF ITS EXISTING TERM LOAN FACILITY DUE MARCH 2019​

* GNC HOLDINGS INC - ‍COMPANY IS SEEKING TO EXTEND MATURITY DATE OF FACILITY BY TWO YEARS, TO MARCH 2021​

* GNC HOLDINGS INC - ‍UPON EFFECTIVENESS OF AMENDMENT, MATURITY DATE OF TERM LOANS HELD BY LENDERS CONSENTING TO AMENDMENT WILL BE EXTENDED BY TWO YEARS​

* GNC HOLDINGS -‍UPON EFFECTIVENESS OF AMENDMENT, CO‘S EXISTING REVOLVING CREDIT FACILITY WILL BE CANCELLED, GNC WILL ENTER INTO NEW $100 MILLION ABL REVOLVER​

* GNC HOLDINGS INC - ‍COMPANY WILL ALSO ISSUE A $275 MILLION ABL TERM LOAN AS PART OF MATURITY EXTENSION​

* GNC HOLDINGS- REACHED AGREEMENT REGARDING STRATEGIC PARTNERSHIP AND CHINA JOINT VENTURE AGREEMENT WITH HARBIN PHARMACEUTICAL GROUP HOLDING CO., LTD​

* GNC HOLDINGS INC - ‍UNDER TERMS OF AGREEMENT HAYAO WILL INVEST APPROXIMATELY $300 MILLION IN GNC, BECOMING SINGLE LARGEST SHAREHOLDER IN GNC​

* GNC HOLDINGS - ‍IN CONNECTION WITH INVESTMENT, GNC BOARD TO BE EXPANDED TO 11 MEMBERS INCLUDING 5 MEMBERS FROM GNC, 5 MEMBERS FROM HAYAO,KEN MARTINDALE​

* GNC HOLDINGS - ‍IN ADDITION, GNC,HAYAO HAVE AGREED TO FORM JOINT VENTURE FOR MANUFACTURING, MARKETING, SALE, DISTRIBUTION OF GNC-BRANDED PRODUCTS IN CHINA​

* GNC HOLDINGS - ‍FOLLOWING CLOSING OF TRANSACTION , HAYAO TO OWN ABOUT 40% OF GNC ON AN AS CONVERTED BASIS​ Source text for Eikon: Further company coverage:

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