Revlon weighs refi of debt, evaluates market, asks banks about rates

By Devika Patel

Knoxville, Tenn., May 9 – Revlon, Inc. is considering a refinancing of its debt but has not yet set terms for the transaction, which is expected to occur in early 2020.

“We’re looking at the refi relative to finishing our 2019 results and thinking about [doing the refinancing] in the beginning of 2020 coming off of our 2019 results, and obviously we’re constantly looking at the market, talking to our banks to understand what is going to be required and what those rates would look like, so it’s something that we are constantly evaluating what that’s going to be,” chief financial officer Victoria Dolan said on the company’s first quarter ended March 31 earnings conference call on Thursday.

The company used $34.2 million of free cash flow in the first quarter, compared to $111 million used in the prior-year period.

As of March 31, the company had approximately $103.5 million of available liquidity, consisting of $68.3 million of unrestricted cash and cash equivalents, as well as $41.8 million in available borrowing capacity under its revolver, which had $375.7 million drawn as the end of the first quarter, less float of $6.6 million.

Long-term debt was $2,723,900,000 as of March 31, 2019, compared to $2,727,700,000 as of Dec. 31, 2018.

Revlon is a New York-based beauty company.

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