By Paul A. Harris
Portland, Ore., July 21 – Revlon Inc. priced an upsized $450 million issue of eight-year senior notes (B3/B+) at par to yield 6¼% on Thursday, according to a market source.
The issue size was increased from $400 million.
The yield printed at the tight end of the 6¼% to 6½% yield talk.
BofA Merrill Lynch was the left bookrunner. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Macquarie and Barclays were joint bookrunners.
Proceeds will be used to help fund the acquisition of Elizabeth Arden Inc., expected to close by the end of the year.
Revlon is a New York-based consumer products company.
| Issuer: | Revlon Escrow Corp., to be merged with and into Revlon Consumer Products Corp.
|
| Amount: | $450 million, increased from $400 million
|
| Maturity: | Aug. 1, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Macquarie Capital, Barclays
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 481 bps
|
| First call date: | Aug. 1, 2019
|
| Trade date: | July 21
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
|
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