THE WHAT? Revlon has entered into an Amendment No.9 to its 2016 Asset-Based Revolving Credit Agreement in order to temporarily increase the borrowing base by up to US$25 million until September 29, this year.

THE DETAILS During the Amendment No. 9 accommodation period, the new provision also establishes a reserve against availability under the 2016 revolving credit agreement in the amount of US$10 million until June 29, 2022 and US$15 million thereafter.

THE WHY? Revlon may seek to raise capital this year and filed a registration statement with the SEC on March 31 to sell up to US$75 million of debt, equity and other securities, with the net proceeds used to manage and help alleviate the supply chain disruptions that have been previously disclosed by the company and have impacted Revlon’s ability to meet customer demand for its products.