NEW YORK -- (Business Wire)
Revlon, Inc. (NYSE: REV) today announced that its wholly-owned operating
subsidiary, Revlon Consumer Products Corporation ("RCPC"), successfully
consummated an amendment (the "Amendment") to its Third Amended and
Restated Term Loan Agreement, dated as of May 19, 2011 (as amended, the
"2011 Term Loan Agreement" or the “2011 Term Loan Facility”), among
RCPC, as borrower, a syndicate of lenders and Citicorp USA, Inc.
(“CUSA”), as administrative agent and collateral agent.
Pursuant to the Amendment, RCPC reduced the total aggregate principal
amount outstanding under the 2011 Term Loan Facility from $788 million
to $675 million, using proceeds from RCPC’s recent consummation of its
issuance of $500 million in aggregate principal amount of 5.75% Senior
Notes due 2021, together with cash on hand. The Amendment also reduced
the interest rates applicable to the 2011 Term Loan Facility such that
Eurodollar Loans bear interest at the Eurodollar Rate plus 3.00% per
annum, with the Eurodollar Rate not to be less than 1.00% (compared to
3.50% and 1.25%, respectively, prior to the Amendment), while Alternate
Base Rate loans bear interest at the Alternate Base Rate plus 2.00%,
with the Alternate Base Rate not to be less than 2.00% (compared to
2.50% and 2.25%, respectively, prior to the Amendment) (and as each such
term is defined in the 2011 Term Loan Agreement).
Pursuant to the Amendment, RCPC, under certain circumstances, also has
the right to request the 2011 Term Loan Facility be increased by up to
the greater of (x) $300 million and (y) an amount such that RCPC’s First
Lien Secured Leverage Ratio (as defined in the 2011 Term Loan Agreement)
does not exceed 3.50:1.00 (compared to $300 million prior to the
Amendment), provided that the lenders are not committed to provide any
RCPC’s existing asset-based, multi-currency revolving credit facility
Revlon is a global color cosmetics, hair color, beauty tools,
fragrances, skincare, anti-perspirant deodorants and beauty care
products company whose vision is Glamour, Excitement and Innovation
through high-quality products at affordable prices. Revlon® is one
of the strongest consumer brand franchises in the world. Revlon’s global
brand portfolio includes Revlon® color cosmetics, Almay® color
cosmetics, SinfulColors® color cosmetics, Pure Ice™ color cosmetics,
Revlon ColorSilk® hair color, Revlon® beauty tools, Charlie® fragrances,
Mitchum® anti-perspirant deodorants, and Ultima II® and Gatineau®
skincare. Websites featuring current product and promotional information
can be reached at www.revlon.com,
Corporate and investor relations information can be accessed at www.revloninc.com.
Investor Relations & Media:
Senior Vice President, Treasurer and
Source: Revlon, Inc.
© 2018 Canjex Publishing Ltd. All rights reserved.