Revlon chapter 11 filing and $575 million term loan DIP financing
We are advising Revlon’s DIP lenders
Davis Polk is advising an ad hoc group of lenders in connection with their backstop commitment and funding of a $575 million term loan debtor-in-possession credit facility in the chapter 11 restructuring of Revlon, Inc. and certain of its subsidiaries (collectively, “Revlon”). On June 15, 2022, Revlon initiated voluntary chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of New York. Members of the ad hoc group collectively hold a majority of loans outstanding under the company’s prepetition ‘BrandCo’ term loan credit facilities. Certain of Revlon’s prepetition ABL revolving lenders additionally agreed to roll up their prepetition facilities into a $400 million ABL debtor-in-possession credit facility. The debtor-in-possession financing was approved on an interim basis at the debtors’ “first day” hearing on June 17, 2022 and was approved on a final basis over the objection of the official committee of unsecured creditors appointed in the case on August 1, 2022.
Revlon is a leading global beauty company with a portfolio of iconic brands that transform the lives of women and men around the world. Revlon manufactures and markets color cosmetics, hair color and care, skincare, beauty care and fragrances through a diverse portfolio of 15+ brands sold in more than 150 countries.
The Davis Polk restructuring team includes partners Eli J. Vonnegut, Angela M. Libby and Natasha Tsiouris, counsel Josh Sturm and associate Stephanie Massman. The finance team includes partners Kenneth J. Steinberg and David Hahn and counsel Christian Fischer. The litigation team includes partner Elliot Moskowitz and associate Cristina M. Rincon. All members of the Davis Polk team are located in the New York office.