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Revlon investment

This article was originally published in The Rose Sheet

Executive Summary

Board of directors approves $150 mil. cash investment proposed by MacAndrews & Forbes following review by special committee. MacAndrews & Forbes also agrees to continue commitment to provide Revlon with additional cash infusion of up to $40 mil. through December 2003 and up to $65 mil. through December 2004 in the form of a senior unsecured line of credit. Revlon also received necessary amendment to its credit facility to complete the transactions, firm adds. Company has obtained a waiver to its EBITDA and certain other financial covenants for the fourth quarter of 2002, elimination of such covenants for the first three quarters of 2003 and a waiver of the fourth quarter 2003 financial covenants through Jan. 31, 2004. Revlon announced it had been offered the original cash infusion in December (1"The Rose Sheet" Dec. 23, 2002, p. 3)...
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