Debt laden cosmetics maker Revlon’s bonds jumped over 5 points this week with the company reworking its debt load and balance sheet. Revlon secured a $130mn term loan with SLR Credit Solutions underwriting the loan from lender MidCap Financial. Proceeds will be used to refinance existing debt and provide them with enhanced liquidity and flexibility to continue growing the business. The company has about $450mn in bonds outstanding with a coupon payment due in 51 days. Net debt to adjusted EBITDA is currently at 24x as per Bloomberg.
Revlon’s 6.25% 2024s are up 2.2 points and ~9 points MTD to 46.3.