Herbalife acquisition

Direct marketer cancels Euro tranche of high-yield bond due to lack of demand in Europe, company says. Proceeds were to be used toward financing of going-private transaction, which is still expected to close this summer. Firm previously planned to use up to $238 mil. in net proceeds from issuance of senior subordinated notes offered in Euro, U.S. dollar-denominated tranches (1"The Tan Sheet" June 17, 2002, p. 5). In revised filing with SEC June 27, Herbalife now says it will contribute approximately $213.9 mil. in available cash toward the acquisition. Financing also will include $162.9 mil. in proceeds from senior subordinated notes, up to $24.8 mil. from senior notes. Acquiring companies Whitney, Golden Gate now expected to provide equity financing of $176 mil., although amount could increase to $220.3 mil...