Jenny Craig, the Del Mar-based provider for...
Jenny Craig, the Del Mar-based provider for a chain of weight-loss centers, said Monday that it has completed a private sale of $100 million in bonds to lenders and investors. The company will use proceeds from the bond issue to “make acquisitions and for other investments.â€
Buyers of the bonds included New York Life Insurance, Security Pacific National Bank, TA Associates, Bank of New York through its wholly owned subsidiary Irving Trust and Bear, Stearns & Co.
As part of the transaction, representatives of several of the bond investors were given seats on Jenny Craig’s board of directors. The transaction was negotiated and structured by Bear, Stearns.
For the fiscal year ended June 30, Jenny Craig revenues exceeded $150 million, and sales have grown at a compounded rate of more than 50% over the past three years, the company said.
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