Pittsburgh, PA—GNC has reached an agreement with lender groups to further extend the springing maturity dates for certain loans, according to a press release.
Previous reporting noted that GNC’s Tranche B-2 term loan, FILO term loan, and revolving credit facility all feature springing maturities that 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, GNC expected that it wouldn’t be able to satisfy those conditions, which could result in the acceleration of the springing maturity date, the press release explains.
However, as a result of discussions with its lenders, GNC’s loan agreements have extended the springing maturity dates from June 15 to June 30.
The release says that GNC continues to explore all strategic options available to it to refinance and restructure its debt.