Revlon Consumer Products plans $1.52 billion credit facility

By Sara Rosenberg

New York, Aug. 5 - Revlon Consumer Products Corp. has received a commitment for a new $1,515,000,000 credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Citigroup Global Markets Inc. is the lead bank on the deal.

The facility consists of a $140 million asset-based revolver and a $1,375,000,000 senior secured term loan.

Pricing on the revolver is expected to range from Libor plus 150 basis points to 200 bps based on excess availability, and the term loan is expected to be priced at Libor plus 300 bps with a 1% Libor floor.

The revolver is also anticipated to have a 25 bps commitment fee.

Proceeds will be used to help fund the $660 million acquisition of The Colomer Group from CVC Capital Partners, to refinance Revlon's $675 million 2011 term loan and any amounts outstanding under its $140 million 2011 asset-based revolver and for general corporate purposes.

The acquisition is expected to close in the fourth quarter, subject to customary conditions and regulatory approvals, and the cash purchase price is subject to adjustments through the closing date.

Revlon is a New York-based cosmetics and accessories company. Colomer is a beauty care company focused on the professional salon channel.

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