S&P rates Revlon Consumer DIP loan B-

S&P said it assigned a B- rating to Revlon Consumer Products Corp.’s $575 million debtor-in-possession term loan. The borrower is a subsidiary of Revlon Inc., which has been operating under Chapter 11 since June 15.

The DIP term loan includes a $375 million initial-draw tranche 1 and $200 million delayed-draw tranche 2. The DIP financing also includes an unrated $400 million asset-based lending revolving credit facility.

“Our B- DIP issue rating primarily reflects our view of the credit risk borne by DIP term lenders and is not indicative of any ratings that may be assigned to exit facilities or the reorganized firm after bankruptcy,” S&P said in a press release.

The rating is a point-in-time rating and will not be reviewed or modified, the agency said.

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