Revlon amends revolver, lifting lender commitments to $175 million

By Toni Weeks

San Luis Obispo, Calif., Dec. 24 - Revlon, Inc. wholly owned subsidiary Revlon Consumer Products Corp. amended its revolving credit agreement on Tuesday to increase lenders' commitments under the facility to $175 million from $140 million, according to an 8-K filing with the Securities and Exchange Commission.

Commitments may be increased by up to an additional $100 million with lender participation.

Availability under the revolver was based on a borrowing base that is determined by the value of eligible accounts receivable and eligible inventory in the United States and United Kingdom and eligible real property and equipment in the United States from time to time.

If the value of the eligible assets is not sufficient to support the $175 million borrowing base, the filing stated, Revlon will not have full access to the revolver.

The company's ability to borrow under the revolver is also contingent upon the satisfaction of certain conditions and covenants.

Currently, the company has $9.8 million of undrawn outstanding letters of credit and nothing drawn under the revolver.

Revlon is a New York-based cosmetics and accessories company.

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