Revlon gets commitment letter for up to $850 million of term loans

By Sarah Lizee

Olympia, Wash., March 9 – Revlon, Inc. subsidiary Revlon Consumer Products Corp. entered into a binding commitment letter with Jefferies Finance LLC as administrative agent on Monday for up to $850 million of senior secured term loan facilities, according to an 8-K filing with the Securities and Exchange Commission.

The facilities will consist of an up to $300 million term loan and an up to $550 million term loan.

The proceeds will be used to repay in full debt outstanding under Revlon Consumer Products’ 5¾% senior notes due February 2021 and its term credit agreement dated as of Aug. 6, 2019, as well as for general corporate purposes.

The commitments will be available to the company until June 30, unless the refinancing is consummated or the maturity of other material debt of Revlon Consumer Products is accelerated prior to that date.

The facilities will mature on the fifth anniversary of the closing date of the facilities, subject to a springing maturity 91 days prior to the maturity date of Revlon Consumer Products’ 6¼% senior notes due 2024 if, on that date, $100 million or more of the 2024 notes remains outstanding.

The borrower under the $300 million term loan will be Revlon Consumer Products, and the borrower under the $550 million term loan will be a specified subsidiary of Revlon Consumer Products.

Interest will be Libor plus a fixed margin. The margin was not disclosed in Monday’s filing.

Revlon is a New York-based beauty company.

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