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Revlon units secure €77 million senior secured asset-based term loan
By Sarah Lizee
Olympia, Wash., July 13 – Revlon Consumer Products Corp. subsidiaries Revlon Holdings BV and Revlon Finance LLC obtained a €77 million senior secured asset-based term loan facility due July 9, 2021.
The companies entered into an asset-based term loan credit agreement on July 9 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
Borrowings bear interest at Euribor plus 650 basis points.
The term loan has an uncommitted incremental facility under which it may be increased by up to €43 million.
Proceeds will be used for working capital and other general corporate purposes.
The full amount of the term loan was funded at closing.
Voluntary prepayments and some mandatory prepayments of loans made prior to Jan. 9, 2019 are subject to a 1% premium. After that, they may be prepaid without any premium or penalty.
The borrowers must prepay loans under the facility to the extent that outstanding loans exceed the borrowing base. In lieu of a mandatory prepayment, the loan parties may deposit cash in an amount not to exceed 10% of the borrowing base into a designated U.S. bank account with the agent that is subject to a control agreement.
If any such over-advance has not been cured within 60 days, the qualified cash may be applied, at the agent’s option, to prepay the loans under the asset-based term facility.
To the extent some levels of availability are obtained during a certain period of time, the borrowers can withdraw the qualified cash from such bank account.
In addition, the facility is subject to mandatory prepayments from the net proceeds from the incurrence debt not permitted under the agreement.
Revlon Consumer Products is a wholly owned operating subsidiary of Revlon, Inc., a New York-based beauty company.
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