By Paul A. Harris
St. Louis, Aug. 11 - Revlon Consumer Products Corp. priced an $80 million add-on to its 9½% senior notes due April 1, 2011 (Caa2/CCC) at 95.25 on Thursday, resulting in a yield of 10.637%, according to a syndicate source.
The price talk was 95.50.
The sale generated $76.2 million of proceeds.
Citigroup ran the books for the Rule 144A/Regulation S issue, which has registration rights. Bear Stearns & Co. and UBS Investment Bank are the co-managers.
Proceeds will be used to help fund the company's previously announced strategic growth initiatives and for general corporate purposes.
The original $310 million issue priced at par on March 11, 2005.
The issuer is a wholly owned subsidiary of New York City-based cosmetics company Revlon Inc.
| Issuer: | Revlon Consumer Products Corp.
|
| Face amount: | $80 million
|
| Proceeds: | $76.2 million
|
| Maturity: | April 1, 2011
|
| Security description: | Add-on to 9½% senior notes
|
| Bookrunner: | Citigroup
|
| Co-managers: | Bear Stearns & Co., UBS Investment Bank
|
| Coupon: | 9½%
|
| Price: | 95.25
|
| Yield: | 10.637%
|
| Spread: | 639 basis points
|
| Call features: | Callable after April 1, 2008 at 104.75, 102.375, par on and after April 1, 2010
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Price talk: | 95.50
|
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