Revlon amends debt commitment to increase term loan to $880 million

By Sara Rosenberg

New York, May 1 – Revlon Consumer Products Corp. amended and restated its debt commitment to provide for $880 million of term loans, of which $65 million will be available as a single delayed-drawing on or after 10 days after closing until the date that is 15 business days after closing, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Previously, the debt commitment provided for an $850 million senior secured first-lien term loan due June 30, 2025.

The amendment and restatement was done on April 27.

In addition, the company closed on April 30 on a $65 million incremental revolving credit facility due Sept. 7, 2021 that is priced at Libor plus 1,600 basis points.

Proceeds from the incremental revolver are being used for working capital purposes.

At closing, the company drew down $63.5 million under the incremental revolver.

The incremental revolver has a springing maturity 91 days prior to the maturity date of the company’s 5.75% senior notes due 2021 if, on such date, any of the notes remain outstanding and certain liquidity requirements are not satisfied.

Citibank is the administrative agent on the revolver.

Proceeds from the delayed-draw term loan will be used to repay borrowings under the incremental revolver, and the funded term loan tranche will be used to refinance existing debt and for general corporate purposes.

Jefferies LLC is the bookrunner on the term loan transaction.

Revlon is a New York-based beauty company.

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