On Wednesday afternoon, BNP Paribas brought a $157 million refinancing for Cosmetic Essence to the market. The credit consists of a $35 million revolver and a $122 million term loan with pricing of LIBOR plus 2 3/4% across both tranches. The deal refinances the debt put into place when Onex Partners bought the company in 2004, takes out a more expensive second lien and also increases the size of the first lien.
Onex bought Cosmetic Essence from parent company BMP/CEI Holdings. The credit initially consisted of a $25 million revolver, $90 million first lien and $36 million second lien. The first lien was priced at LIBOR plus 3 1/4% and the second lien was priced at LIBOR plus 7% (LMW, 11/12/2004).
With headquarters in Holmdel, N.J., Cosmetic Essence provides outsourced supply chain management services to the personal care products industry including research and development. It manufactures fragrances, creams and lotions for retailers. Joe Atencio, Cosmetic Essence's cfo, and an Onex official did not return calls.