S&P affirms Elizabeth Arden

Standard & Poor's said it affirmed its BB- issue-level rating and left the 4 recovery rating unchanged on Elizabeth Arden, Inc.'s 7 3/8% senior notes due 2021.

The ratings are not immediately affected by the company's plans to issue $100 million of additional notes under the indenture of these existing notes, S&P said. S&P expects the proceeds to pay down a portion of the company's outstanding balance under its revolving credit facility.

S&P estimates this transaction is leverage neutral, and S&P estimates leverage to be about 3.8x at Sept. 30.

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