Revlon debt
This article was originally published in The Rose Sheet
Executive Summary
Beauty marketer completed the first phase of debt reduction in exchange offer that expired March 19 for senior notes due 2006 and 2008, Revlon announces. Approximately $630 mil. of aggregate principal amount of notes were tendered for Revlon Class A common stock, representing approximately $190 mil. of notes in addition to those previously committed by majority shareholder MacAndrews & Forbes and Fidelity Management. MacAndrews & Forbes will exchange existing loans of approximately $173 mil. at the close of the exchange offer, bringing total debt reduction to more than $800 mil. and exceeding earlier estimates of $780 mil. Shareholder will hold approximately 60% of Revlon's stock and 70% voting rights. Funds managed by Fidelity will hold approximately 21% of the company's common stock and 12% of voting power, while other shareholders will hold 19% of the common stock representing 11% of voting power. Revlon unveiled its plan to cut debt earlier this year (1"The Rose Sheet" Feb. 16, 2004, p. 8)...