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.
GNC previously filed a registration statement with the SEC for an IPO, but twice postponed going public "due to market conditions," according to an Aug. 24 SEC filing. "The registration statement has not been withdrawn," according to GNC's Nov. 3 statement.
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