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News Breaks | | | | February 21, 2013 | | 10:18 EDT |  | REV | Revlon subsidiary cuts total outstanding on loan to $675M from $788M
Revlon announced that its wholly-owned operating subsidiary, Revlon Consumer Products Corporation, RCPC, successfully consummated an amendment to its Third Amended and Restated Term Loan Agreement, dated as of May 19, 2011, among RCPC, as borrower, a syndicate of lenders and Citicorp USA 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 $788M to $675M, using proceeds from RCPC’s recent consummation of its issuance of $500M 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. 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. 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 $300M and an amount such that RCPC’s First Lien Secured Leverage Ratio does not exceed 3.50:1.00 compared to $300M prior to the Amendment, provided that the lenders are not committed to provide any such increase. RCPC’s existing asset-based, multi-currency revolving credit facility remains unchanged, the company said. | |
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