Revlon to reduce debt by $170m

Published: 4-Sep-2008

Revlon Inc has announced plans to reduce its debt by $170m. The company will pay off its $170m MacAndrews & Forbes Senior Subordinated Term Loan (M&F Term Loan), which matures on 1 August 2009, in two steps. Firstly, Revlon will use the net proceeds from the sale of its Bozzano business in Brazil to pay off $63m of the $170m M&F Term Loan. The remaining net cash proceeds from the Bozzano sale (approximately $30m) will be used by Revlon for general corporate purposes.


Revlon Inc has announced plans to reduce its debt by $170m. The company will pay off its $170m MacAndrews & Forbes Senior Subordinated Term Loan (M&F Term Loan), which matures on 1 August 2009, in two steps. Firstly, Revlon will use the net proceeds from the sale of its Bozzano business in Brazil to pay off $63m of the $170m M&F Term Loan. The remaining net cash proceeds from the Bozzano sale (approximately $30m) will be used by Revlon for general corporate purposes.

The company’s second step will be to launch a $107m equity rights offering, allowing stockholders to purchase additional shares of Revlon Class A common stock. This move could come as early as Q4 2008.

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