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Revlon launches $140 million asset-based revolver to investors
By Sara Rosenberg
New York, June 7 - Revlon Consumer Products Corp. held a conference call on Tuesday to launch a $140 million five-year asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc. is the administrative agent on the deal.
Pricing on the revolver can range from Libor plus 200 basis points to 250 bps, subject to a grid based on excess availability, and there is a 37.5 bps unused fee. There is no Libor floor.
Also, lenders are being offered the revolver with a 25 bps upfront fee.
The revolver includes a $60 million accordion feature.
Proceeds will be used to refinance an existing $140 million asset-based revolver.
The purpose of the refinancing is to reduce pricing and extend the maturity, and closing is expected in mid- to late June.
Revlon is a New York-based cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirant/deodorant and beauty care products company.
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