Herbalife Sells $800 Million Bond to Repay High-Interest Debt

Herbalife Ltd. raised $800 million from a junk-bond sale, seizing a rebound in demand from investors for risky debt a month after shelving a loan offering due to market volatility.

The nutrition-focused multilevel-marketing company sold the seven-year senior secured notes at a yield of 7.75%, according to a person with knowledge of the matter. Proceeds will be used to refinance bonds due in 2029 that pay an interest rate of 12.25%, trimming the company’s borrowing costs.

Bank of America Corp. led the offering, said the person, who asked not to be identified because they’re not authorized to speak publicly.

The ...