Revlon TL Rises on Break
March 10, 2010
An $800 million term loan for Revlon broke for trading Tuesday and rose more than a point in price soon thereafter.
The loan was syndicated to investors at Libor plus 400 bps, with an OID of 98.25 and a 2% Libor floor. It rose on the break to trade at roughly 99.5.
Revlon plans to use the proceeds to repay an existing term loan. Citigroup, Wells Fargo, Credit Suisse and JPMorgan arranged the debt.
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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