Revlon firms $675 million term loan spread at 250 bps, talks it at par

By Paul A. Harris

Portland, Ore., Feb. 21 - Revlon Consumer Products Corp. firmed pricing on its $675 million senior secured term loan B due Nov. 19, 2017 at Libor plus 250 basis points, the tight end of the 250 bps to 275 bps spread talk.

The deal, which comes with a 0.75% Libor floor, is being offered at par, according to a source.

The loan has 101 soft call protection for six months and a first-lien secured leverage ratio of 4.25 times, the source said.

Allocations are expected on Monday. Closing is targeted for Tuesday.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead arrangers on the deal.

Proceeds will be used to refinance an existing term loan B due 2017 that is priced at Libor plus 300 bps with a 1% Libor floor.

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

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