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Banks Widen OID on $800M Revlon TL


By Richard Kellerhals

March 4, 2010

A bank consortium shopping an $800 million term loan for cosmetics maker Revlon has widened the OID to 98.25 from 99. The banks—Citigroup, Wells Fargo, Credit Suisse and JPMorgan—have left the coupon at Libor plus 400 bps and the 2% Libor floor unchanged.

Revlon plans to use the proceeds to replace an existing term loan.

The term loan is rated Ba3 by Moody’s Investors Service. The rating reflects the company’s “sustained operating and financial improvements despite the ongoing challenges of the macroeconomic environment, as well as its ability to stabilize its Revlon brand market share position as a result of a series of successful new product introductions,” analysts at Moody’s said in a report published last week.

Revlon is owned by Ronald O. Perelman. The company’s net sales for the twelve-month period ended December 2009 were approximately $1.3 billion.


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