Lehman Brothers and J.P. Morgan have launched syndication of the $360 million bank loan backing Apollo Management's $750 million buyout of nutritional supplement supplier General Nutrition from Royal Numico. There is also a $190 million bond offering. The bank debt is split into a six-year, $285 million "B" loan priced at LIBOR plus 31/4% and a five-year, $75 million revolver at a spread of LIBOR plus 3%. Total and senior leverage is at 3.5 times and 2.2 times. "It's a tough deal," said investors, with one noting that the lease-adjusted leverage is high. Bankers at Lehman and a J.P. Morgan spokesman did not return calls.