Published on 11/19/2001 in the Prospect News High Yield Daily.
New Issue: Revlon Consumer Products $363 million yields 13 1/8%
By Paul A. Harris
St. Louis, Mo., Nov. 19 - Revlon Consumer Products Corp. priced $363 million of senior subordinated notes due Dec. 1, 2005 (Caa1/B-) Monday at 96.569 for a yield of 13 1/8%, according to a syndicate source. That was at the tight end of price talk in the 13¼% area.
The deal was upsized from the originally announced amount of $250 million. Salomon Smith Barney was the bookrunner. Bear Stearns & Co. and Lehman Brothers were co-managers.
| Issuer: | Revlon Consumer Products Corp.
|
| Amount: | $363 million (upsized from $250 million)
|
| Maturity: | Dec. 1, 2005
|
| Type: | Senior subordinated notes
|
| Manager | Salomon Smith Barney
|
| Co-managers: | Bear Stearns & Co., Lehman Brothers
|
| Coupon: | 12%
|
| Price: | 96.569
|
| Yield: | 13 1/8%
|
| Spread | 920 basis points over the 5 ¾% Treasury due November 2005
|
| Interest payments: | June and December, beginning June 2002
|
| Call features: | Make whole at T+75 basis points
|
| Equity clawback: | None
|
| Settlement date: | Nov. 26 (T+4)
|
| Ratings: | Moody's Caa1
|
| Standard & Poor's B-
|
| Cusip: | 761519AS6
|
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