Herbalife Sells $600 Million of Junk Bonds for Share Buybacks

Herbalife Nutrition Ltd. managed to convince investors to lend it $600 million so it could buy back shares, an unusual move at a time when companies are borrowing billions of dollars to shore up liquidity during the coronavirus pandemic.

The maker of weight-loss shakes and supplements that counts Carl Icahn as its largest shareholder sold the unsecured debt Wednesday at a yield of 7.875%, down slightly from early unofficial pricing discussions of 8%, according to people familiar with the matter.