By Paul A. Harris
St. Louis, March 11 - Revlon Consumer Products Corp. priced an upsized $310 million issue of six-year senior notes (Caa2/CCC) at par to yield 9½%, according to market sources.
Price talk was in the 9½% area.
Citigroup ran the books for the Rule 144A/Regulation S with registration rights offering. Bear Stearns & Co. and UBS Investment Bank were the co-managers.
Proceeds will be used to retire all of the company's $116.2 million of outstanding 8 1/8% senior notes due 2006 and all of the $75.5 million of its 9% senior notes due 2006 and for general corporate purposes.
The issue was upsized from $205 million.
Revlon Consumer Products is a wholly owned subsidiary of New York-based Revlon Inc., a worldwide cosmetic, skin care, fragrance and personal care products company.
| Issuer: | Revlon Consumer Products Corp.
|
| Amount: | $310 million (increased from $205 million)
|
| Maturity: | April 1, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Co-managers: | Bear Stearns & Co., UBS Investment Bank
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 523 basis points
|
| Call features: | Callable after April 1, 2008 at 104.75, 102.375, par on and after April 1, 2010
|
| Trade date: | March 11
|
| Settlement date: | March 16
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Price talk: | 9½% area
|
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