Revlon talks $330 million senior secured notes due 2015 at 10% area

By Paul A. Harris

St. Louis, Nov. 12 - Revlon Consumer Products Corp. talked its $330 million offering of senior secured notes due 2015 at the 10% area on Thursday, according to an informed source.

The Rule 144A and Regulation S with registration rights offering is expected to price on Friday.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities and J.P. Morgan Securities Inc. are joint bookrunners.

The notes come with three years of call protection and a three-year 35% equity clawback at par plus the coupon amount.

The notes are secured by a second lien on term loan collateral.

Moody's Investors Service assigns its B2 corporate credit rating to Revlon Consumer Products. The Standard & Poor's corporate credit rating is B-. Ratings on the new secured notes due 2015 remain to be determined.

Proceeds, together with other cash, will be used to fund the tender for $340.5 million of the company's 9½% senior notes due April 2011.

Revlon is a New York City-based cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirants/deodorants and beauty care products company.

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