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Revlon Consumer Products gets $30 million line of credit from stockholder
Chicago, July 1 – Revlon Consumer Products Corp., wholly owned operating subsidiary of Revlon, Inc., entered into a $30 million senior unsecured line of credit agreement with Revlon’s majority stockholder, MacAndrews & Forbes Group, LLC.
The line of credit bears interest at an annual rate of 8%.
The facility matures Dec. 31. It can be repaid early without penalty. The facility is required to be repaid if for any reason RCPC or any of its subsidiaries has unrestricted cash available that is not required for running operations or in the ordinary course of business.
Should a default occur under the company’s existing term loan and revolver, the foreign ABL term loan or the company’s 5¾% senior notes or 6¼% notes, the lender may declare all outstanding loans under the line of credit due immediately.
Proceeds will be used for working capital and general corporate purposes.
Revlon is a New York-based cosmetics and accessories company.
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