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Revlon credit

This article was originally published in The Rose Sheet

Executive Summary

Amendment to firm's credit facility, approved unanimously by bank group, includes one-year extension of the waiver to EBITDA and other financial covenants received by Revlon last year under the credit agreement, company announces Jan. 29. Amendment reflects "continued support of the company's progress against its growth plan," Revlon states. Under the amendment, company's financial covenants have been waived for the four fiscal quarters ending Dec. 31, 2003, eliminated for the first three quarters of 2004 and waived through Jan. 31, 2005 for the four fiscal quarters ending Dec. 31, 2004. It also continues the $20 mil. minimum liquidity covenant established with the 2003 credit agreement and extends the $65 mil. line of credit provided by MacAndrews & Forbes from Dec. 1, 2005 to June 30, 2005. Interest rate for loans under the agreement will increase by .25%...
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