Nu Skin Enterprises, Inc. announced that it converted $20 million of existing U.S. dollar denominated debt bearing a coupon rate of 6.14% into $20 million of yen denominated debt with a coupon rate of 3.28%. The conversion was executed using an exchange rate of 108.5 yen to the dollar.
"We continue to execute on initiatives which are helping improve shareholder value," said Ritch Wood, chief financial officer, Nu Skin Enterprises. "We were able to capitalize on the recent strengthening of the Japanese yen in a continuing effort to improve the profitability of the company. With this recent conversion, we currently have approximately 50% of our outstanding debt in yen denominated notes with an average coupon rate of 2.50%. In addition to the attractive interest rate, the yen denominated liabilities provide a natural exchange rate hedge for our business in Japan."