Revlon details some terms of $400 million DIP ABL loans via MidCap

By Sarah Lizee

Olympia, Wash., July 7 – Revlon, Inc. detailed terms of its proposed $400 million asset-based debtor-in-possession financing led by MidCap Funding in an 8-K filed Thursday with the Securities and Exchange Commission.

This facility is split into a $270 million asset-based revolver rollup and a $130 million term loan rollup, as previously reported.

The facility comes due in one year, with the option to extend the maturity.

Revolving loans bear interest at an adjusted base rate plus 250 basis points, and term loans bear interest at an adjusted base rate plus 475 bps.

MidCap Funding IV Trust is the lead arranger, administrative agent and collateral agent, and Crystal Financial LLC, which does business as SLR Credit Solutions, is the term loan agent.

As previously reported, the company has received interim court approval to access its DIP financing, which includes the MidCap financing and $575 million from the company’s existing lender base, including Jefferies Finance, LLC as administrative and collateral agent.

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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