Herbalife Ltd. (HLF), the vitamin maker accused by hedge fund manager Bill Ackman of being a pyramid scheme, said it will offer $1 billion in convertible senior notes and use some of the money to repurchase common shares.

The initial buyers of the notes, due in 2019, will be Bank of America Corp., Credit Suisse Group AG, HSBC Holdings Plc and Morgan Stanley, the nutrition company said today in a statement.

Herbalife, which makes vitamins, skin creams and meal-replacement shakes and operates in more than 80 countries, has denied Ackman’s claim.

Source: Bloomberg (by David Risser)