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Move will reduce debt by $170 million
September 5, 2008
By: TOM BRANNA
Editor
Revlon, Inc. has announced plans to reduce its debt by $170 million by repaying a $170 million MacAndrews & Forbes senior subordinated term loan, which matures August 1, 2009. The two-part plan will use part of the proceeds from the sale of its Bozzano business in Brazil to repay $63 million of the loan; the second part, which will be launched as early as the fourth quarter of 2008, involves a $107 million equity rights offering that would allow stockholders to purchase additional shares of...
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