HomeLoansResearch: Rating Action: Moody's assigns B2 rating to Revlon's DIP term loan...

Research: Rating Action: Moody’s assigns B2 rating to Revlon’s DIP term loan facility

New York, August 04, 2022 — Moody’s Investors Service (“Moody’s”) ¬†assigned a B2 rating to the $575 million debtor-in-possession (DIP) super priority term loan financing facility of Revlon Consumer Products Corporation (DIP) (Revlon). The DIP financing also includes an unrated $400 million super priority DIP asset based lending (ABL) revolving facility. The rating on the DIP term loan primarily reflects the collateral coverage available to lenders and the structural features of the DIP term loan.

“The B2 rating on the DIP term loan is primarily driven by collateral coverage, which consists mostly of intangible assets including IP and subsidiary equity interests. The rating also reflects the complexity of the reorganization including allocation of value to prepetition debt under multiple facilities, continued lawsuits by 2016 term loan lenders related to asset…

Read more at www.moodys.com

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