THE WHAT? As part of its recently announced transformation plan, Revlon has reached a refinancing agreement with Jefferies Finance.

THE DETAILS The facilities will consist of a senior secured term loan facility in a principal amount of up to US$850,000,000 a senior secured term loan facility of US$950,000,000 and a senior secured term loan facility in a principal amount yet to be determined.

The proceeds will be used to repay the 5.75 percent Senior Notes maturing in 2021 (US$500 million outstanding), repay the 2019 Term Loan (US$200 million outstanding) and provide additional funding for the company.

The refinancing is expected to close in the second quarter.

THE WHY? As Debra Perelman, President and CEO, explained, “”The refinancing commitment and the launch of the new restructuring program are significant steps forward in the transformation of our business for the future and create a structure that is designed for success in today’s beauty industry.”