Carson, Inc. Announces Borrowing of $83 Million in Term Loans; Proceeds to Repay Acquisition Notes.SAVANNAH Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. , Ga.--(BUSINESS WIRE)--Dec. 8, 1998--Carson, Inc. (NYSE NYSE See: New York Stock Exchange : CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ), a leading international manufacturer and marketer of personal care products for people of color Noun 1. people of color - a race with skin pigmentation different from the white race (especially Blacks) people of colour, colour, color race - people who are believed to belong to the same genetic stock; "some biologists doubt that there are important , announced today that it has borrowed $83 million of Senior Term Loans, the proceeds of which were used to repay a $50 million note due December 15, 1998, issued in connection with Carson's acquisition earlier this year of Johnson Products, Inc., for reduction of the Company's 10 3/8% Senior Subordinated notes due 2007, and for general corporate purposes. The Senior Term Loans consist of a $75 million Secured Term Loan due December 2003 and an $8 million Unsecured Term Loan due April 2008. "This refinancing Refinancing An extension and/or increase in amount of existing debt. enables Carson to focus on growing our leadership position of our core ethnic business both domestically and internationally, and to continue the program we are aggressively implementing to reduce costs and improve productivity," said Gregory J. Andrews, President and Chief Executive Officer. Donaldson, Lufkin & Jenrette was financial advisor to Carson. Carson, Inc. is the leading global manufacturer and marketer of hair and skin care products which are specifically formulated for·mu·late tr.v. for·mu·lat·ed, for·mu·lat·ing, for·mu·lates 1. a. To state as or reduce to a formula. b. To express in systematic terms or concepts. c. to address the unique characteristics of people of African descent. Carson sells its products in the U.S. and in over 60 countries around the world under the leading brand names Dark & Lovely, Gentle Treatment, Magic Shave, and UltraSheen. Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items; together with other statements that are not historical facts, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, industry cyclicality, fluctuations in customer demand and order patterns, the seasonal nature of the business, changes in pricing, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. |
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