Herbalife Nutrition Ltd HLF shares are trading lower Tuesday after the company announced a proposed convertible senior note offering.
What Happened: Herbalife intends to offer $250 million of convertible senior notes in a private offering by the end of 2028. The initial purchasers will be given the option to purchase up to $37.5 million of convertible notes.
Unless redeemed, repurchased or converted prior to that date, the notes will mature on June 15, 2028. Herbalife expects to use net proceeds from the offering to repurchase a portion of the company's existing 2.625% convertible senior notes by 2024.
Herbalife is an international nutrition company that focuses on weight management, targeted nutrition, energy, sports and fitness.
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HLF Price Action: Herbalife has a 52 week high of $45.80 and a 52 week low of $15.33.
The stock was down 11.5% at $15.50 at the time of publication, according to Benzinga Pro.