On Sept. 30, 2024, Revlon Intermediate Holdings III and certain of its subsidiaries entered into a five-year senior secured asset-based credit agreement with Mitsubishi UFJ Financial Group (MUFG) as administrative agent, and the lenders party thereto. The credit agreement provides Revlon with a revolving credit facility in an aggregate principal amount of $350 million and replaces Revlon’s current revolving credit agreement entered into with MidCap Financial Trust and other lenders on May 2, 2023, which was terminated on Sept. 30, 2024.
Borrowings under the credit agreement will be used for debt refinancing, working capital general corporate purposes.
“We are pleased to have access to additional capital to support our immediate and long-term strategic priorities as well as further bolster our financial position,” Ted McCormick, chief financial officer of Revlon, said. “It is a testament to the strength of our business and its long-term trajectory that we are able to enter into this credit agreement with MUFG.”
In addition to MUFG serving as administrative agent, MUFG and Sumitomo Mitsui Banking are joint bookrunners and joint lead arrangers. CIBC Bank USA, Goldman Sachs Bank USA and HSBC Bank USA are co-documentation agents. Other lenders include Siemens Financial Services. Paul, Weiss, Rifkind, Wharton & Garrison served as lead counsel for Revlon and Otterbourg served as lead counsel for the lenders.
