| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Revlon Consumer Products Corp. > News item |
Revlon wraps $880 million term loan at Libor plus 1,050 bps, 2% PIK
By Sara Rosenberg
New York, May 11 – Revlon Consumer Products Corp. closed on its $880 million, plus some fees that have been capitalized, senior secured first-lien term loan due June 30, 2025, according to a market source.
Pricing on the term loan came in line with talk at Libor plus 1,050 basis points plus 2% PIK with a 1.5% Libor floor and a par issue price.
The term loan is non-callable for two years, then at 75% of the applicable margin plus adjusted Libor in year three and at 50% of the applicable margin plus adjusted Libor in year four.
During syndication, the term loan was upsized from $850 million.
Jefferies LLC is the lead arranger on the deal.
Proceeds are being used to refinance existing debt, including a $200 million term loan and $50 million of 5¾% senior notes, and for general corporate purposes.
Revlon is a New York-based beauty company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.