Cosmetic Essence launches $157 million credit facility

By Sara Rosenberg

New York, Feb. 28 - Cosmetic Essence Inc. held a bank meeting on Wednesday to launch its proposed $157 million credit facility, according to a market source.

BNP Paribas is the lead bank on the deal.

The facility consists of a $35 million six-year revolving credit facility and a $122 million seven-year term loan, with both tranches talked at Libor plus 275 basis points, the source said.

Proceeds will be used to refinance existing debt.

Cosmetic Essence is a Holmdel, N.J., contract manufacturer for the personal care products industry.

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