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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