Del Laboratories to get $75 million interim revolver, repay all existing bank debt

By Sara Rosenberg

New York, Oct. 17 - Del Laboratories Inc. plans to obtain a new $75 million two-year asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Borrowings under the "interim" revolver, along with proceeds from a $185 million senior secured floating rate notes offering, will be used to repay all outstanding borrowings under the company's existing senior credit facility, the filing said.

For the long term, the company has received a commitment for a new $85 million asset-based revolver that will replace the interim revolver when initial field examinations and required closing conditions are completed, which is expected to occur by Dec. 31.

Del Laboratories is a Uniondale, N.Y., manufacturer, marketer and distributor of cosmetics and proprietary over-the-counter pharmaceuticals.

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