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Revlon revises discount on $700 million incremental term loan to 99¾
By Sara Rosenberg
New York, Aug. 19 - Revlon Consumer Products Corp. tightened the original issue discount on its $700 million incremental six-year senior secured term loan (B+) to 99¾ from 991/2, according to a market source.
Pricing on the loan is still Libor plus 300 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months and a ticking fee of half the spread for days 31 to 60 and the full spread after that.
Amortization continues to be 0.25% per quarter, with the balance due at maturity, and covenants include a maximum first-lien secured leverage ratio of 4.25 times.
Commitments were due at 5 p.m. ET on Monday, accelerated from Wednesday, the source said.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint lead arrangers on the deal.
Proceeds will be used to help fund the $660 million acquisition of the Colomer Group from CVC Capital Partners.
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.
Pro forma for the acquisition, net leverage is anticipated to be 4.8 times.
The acquisition and incurrence of the new term loan were already approved by existing term loan and revolver lenders through an amendment to the existing credit agreements.
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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