Citigroup Adjusts Pricing, Structure On Revlon

Citigroup adjusted the structure and pricing for Revlon Consumer Products Corp.'s new bank loan, but investors who had committed at the originally floated terms are still more than happy as long as they get a decent allocation, one buyer said.

  • 02 Jul 2004
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Citigroup adjusted the structure and pricing for Revlon Consumer Products Corp.'s new bank loan, but investors who had committed at the originally floated terms are still more than happy as long as they get a decent allocation, one buyer said. The six-year, $750 million "B" loan was upsized $50 million and the spread has been set at LIBOR plus 6%, which is the tight end of price talk. The call protection, which was at 105, 103, 102, 101 over four years, respectively, has been shortened to three years at 105, 103 and 101.

One loan investor said Citi hedged by talking the loan at LIBOR plus 6-6 1/4%, so it was not exactly a surprise when it got to LIBOR plus 6%. He was also glad of the upsizing as this means the allocations should be better. The investor said the loan should trade well when it breaks this week, even with the changes. He made a favorable comparison to Levi Strauss & Co.'s bank debt. Both are well known consumer brand companies that are overleveraged. But the Levi Strauss debt does not have call protection, so this is a premium, he added. Moody's assigned a B3 rating to Revlon's term debt. A five-year, $160 million revolver was assigned a B2 rating. Citi bankers did not return calls and a Revlon spokeswoman did not respond to questions.

  • 02 Jul 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%