Revlon to launch $1 billion credit facility Thursday

By Sara Rosenberg

New York, Nov. 29 - Revlon Consumer Products Corp. is scheduled to hold a conference call on Thursday to launch its proposed $1 billion credit facility, according to a market source.

The facility consists of an $840 million five-year term loan talked at Libor plus 350 basis points and an amended $160 million multi-currency revolver talked at Libor plus 200 bps, the source said.

The revolver is being amended to, among other things, extend its maturity through the same five-year period as the new term loan and lower pricing from Libor plus 250 bps.

Citigroup is the lead arranger and bookrunner on the deal. JPMorgan is the syndication agent on the term loan.

Proceeds from the new term loan will be used to refinance the company's existing $800 million term loan that is priced at Libor plus 600 bps. This refinancing is expected to provide the company with greater financial and other covenant flexibility, in addition to a lower interest rate and extended maturity.

The transaction is expected to close in late December.

Revlon is a New York-based cosmetics, skin care, fragrance and personal care products company.

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