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Bloomberg: Revlon Gets $1.52 Billion Debt Commitment for Colomer Purchase

August 06, 2013, 08:02 AM
Filed Under: Specialty Industries
Related: Citigroup, Revlon

Bloomberg reports Revlon Inc., the cosmetics maker controlled by financier Ronald Perelman, obtained $1.52 billion of loans to support its $660 million acquisition of beauty-care company, The Colomer Group.

Citigroup Inc. is arranging the financing, New York-based Revlon said in a statement distributed by Business Wire today. The transaction includes a $1.375 billion term loan and a $140 million asset-based, multicurrency revolving line of credit, according to a regulatory filing.

Revlon will use proceeds from the new debt to fund the buyout of The Colomer Group from CVC Capital Partners and refinance a $675 million term loan under Revlon’s 2011 credit pact, according to the company. That piece, due in November 2017, pays interest at 3 percentage points more than the London interbank offered rate, with a 1 percent minimum on the lending benchmark, according to data compiled by Bloomberg.

View the company press release here.

View the entire Bloomberg story here.

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