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Revlon refinances

This article was originally published in The Rose Sheet

Executive Summary

Revlon will refinance and replace its existing $800 mil. term loan with a new five-year $840 mil. term loan, company announces Nov. 29. The move supports the firm's previously announced plans to improve cash flow and strengthen its balance sheet. Revlon also will amend its existing $160 mil. revolving credit facility and extend its maturity through the same five-year period. The firm expects its financial decisions to result in lower interest margins, which will lead to annual interest savings, greater financial flexibility and longer maturity dates for existing bank credit agreements, Revlon says. The credit facilities are expected to close by the end of the month. The company is currently $800 mil. in debt; CEO David Kennedy announced his reorganization strategy in November (1"The Rose Sheet" Nov. 13, 2006, p. 3)...
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