Revlon gets interim court approval to access DIP financing package

By Sarah Lizee

Olympia, Wash., June 21 – Revlon, Inc. received interim approval to access a debtor-in-possession financing package, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Revlon has lined up $575 million in debtor-in-possession financing from its existing lender base, including Jefferies Finance, LLC as administrative and collateral agent. Of the DIP facility’s amount, $75 million will be used to retire existing foreign debt of the company. The facility is set to mature in one year.

Following Friday’s interim order, the company has access to $375 million of this facility.

The company also lined up a $400 million one-year asset-based facility with MidCap Funding IV Trust as administrative and collateral agent. This facility will be split into a $270 million asset-based revolver rollup and a $130 million term loan rollup.

Following Friday’s order, $109 million of the ABL revolver and the entire amount of the ABL term loan was deemed drawn.

The company also lined up a superpriority junior secured DIP intercompany credit facility. The terms of this facility are still being negotiated, according to an 8-K filed with the Securities and Exchange Commission.

A final hearing is scheduled for July 22.

The hair color products and cosmetics company is based in New York. The company filed bankruptcy on June 15 under Chapter 11 case number 22-10760.

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