Revlon completed its acquisition of Elizabeth Arden. As previously announced, Citigroup Global Markets and Bank of America Merrill Lynch provided financing to support the merger.
In connection with entering into the merger agreement dated June 16, 2016, RCPC entered into a debt financing commitment letter with the lenders.
The lenders committed to arrange and provide a $1.8 billion senior secured term loan facility and a $400 million senior secured asset-based revolving credit facility. Additionally, to the extent that the proceeds of the unsecured notes are not available to consummate the merger agreement, the lenders will arrange up to $400 million of senior unsecured bridge loans under a senior unsecured credit facility.
The merger creates a global beauty company with a portfolio of brands, including Revlon, Elizabeth Arden, Revlon ColorSilk, Revlon Professional and American Crew, along with designer, heritage and celebrity fragrance brands.
“The combination of two iconic companies creates a multi-brand, global beauty enterprise and tremendous opportunity for long-term growth and value creation,” said Fabian Garcia, president and CEO of the newly-combined company.
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BofA Merrill, Citi Commit $2.6B to Support Revlon Acquisition