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GNC

GNC Holdings

$4.19

-0.1 (-2.33%)

06:08
02/13/18
02/13
06:08
02/13/18
06:08

GNC, Harbin Pharmaceutical announce $300M strategic investment, China JV

GNC Holdings announced it has reached an agreement regarding a strategic partnership and China joint venture agreement with Harbin Pharmaceutical Group Holding, a pharmaceutical company in China. Under the terms of the agreement Hayao will invest approximately $300M in GNC, becoming the single largest shareholder in GNC. In addition, GNC and Hayao have agreed to form a joint venture for the manufacturing, marketing, sale and distribution of GNC-branded products in China, leveraging the synergies between Hayao and GNC in the fast growing Chinese market. CITIC Capital Holdings Limited, as a major shareholder of Hayao, is supportive of the transaction. GNC also announced plans to amend certain terms and extend the maturity date of its existing term loan facility due March 2019. The company is seeking to extend the maturity date of the facility by two years, to March 2021. Upon effectiveness of the amendment, the maturity date of the term loans held by lenders consenting to the amendment will be extended by two years, the company's existing Revolving Credit Facility will be cancelled and GNC will enter into a New $100 million ABL Revolver. The company will also issue a $275 million ABL Term Loan as part of the maturity extension. GNC has the been in discussions with its largest term loan lenders who have indicated their support for the extension until March 2021 and to permit the company to enter into a new asset based credit facility concurrently with the closing of the proposed amendment and extension. As noted, the Hayao transaction is conditioned upon the successful completion of these negotiations.

GNC GNC Holdings
$4.19

-0.1 (-2.33%)

02/15/17
MACQ
02/15/17
NO CHANGE
Target $20
MACQ
Outperform
GNC Holdings shares pricing in 'draconian' outcomes, says Macquarie
Macquarie analyst Bob Summers said GNC Holdings' Q4 and near-term results will prove challenging but management has made decisions that will significantly increase the company's long-term potential to succeed by simplifying pricing and having consistent in-store and online pricing. The analyst said these efforts will pressure margins, but shares are pricing in "draconian" outcomes with shares trading at just over 4x P/E. Summers expects free cash flow to remain positive, which could be further enhanced by cutting the dividend and notes there are no near-term debt maturities to create credit risk. The analyst said even a "slight bend" in same-store sales trends could produce a dramatic positive outcome and reiterates his Outperform rating and $20 price target on GNC Holdings.
04/19/17
JPMS
04/19/17
NO CHANGE
Target $12
JPMS
Neutral
GNC Holdings price target raised to $12 from $10 at JPMorgan
JPMorgan analyst Christopher Horvers raised his price target for GNC Holdings to $12 saying yesterday's earnings and comp beat "take off the table the terminal value question that many investors were focused on." The question, however, is if the traffic is sustainable and whether GNC can turn the decline in average ticket up, Horvers tells investors in a post-earnings research note. The analyst keeps a Neutral rating on the shares.
01/18/18
BOFA
01/18/18
NO CHANGE
Target $2.5
BOFA
Underperform
GNC Holdings options remain limited, says BofA/Merrill
BofA/Merrill analyst Curtis Nagle reiterated his Underperform rating and $2.50 price target on GNC Holdings saying he is skeptical that a turnaround under the One GNC strategy will lead to sustainable profitable growth. Nagle said GNC is lapping substantial price cuts this year that will make comp and gross margin growth difficult, and believes the company will have difficulty refinancing its $1.1B term loan without doing so at stiff rate.
01/31/18
DBAB
01/31/18
NO CHANGE
DBAB
Amazon remains low-price leader in supplements, says Deutsche Bank
Deutsche Bank analyst Shane Higgins conducted an online pricing study comparing 80 identical third-party online vitamin and supplement products at GNC Holdings (GNC), Vitamin Shoppe (VSI), Amazon (AMZN) and Bodybuilding.com. The study found that Amazon "easily expanded" its price advantage against each of the other three retailers, Higgins tells investors in a research note. Among the specialty players, Vitamin Shoppe slightly improved its price advantage versus GNC, the analyst adds. He expects Amazon to keep pressure on the specialty players, particularly as its Prime membership grows.

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