• REVLON EXTENSION: The term of Revlon Inc.’s $107 million senior subordinated term from Ronald Perelman’s MacAndrews & Forbes Holdings Inc., Revlon’s majority owner, has been extended one year, until Aug. 1, 2010. The principal would come due immediately upon consummation of Revlon’s previously announced equity rights offering, which would raise the $107 million by allowing stockholders to purchase additional shares of Class A common stock. Revlon said it is “monitoring the financial markets closely to assess the appropriate timing” for such an offer. The loan, with Revlon’s Revlon Consumer Products Corp. subsidiary, was originally for $170 million, but Revlon paid down $63 million with the proceeds from the July sale of its noncore Brazilian brands, generating $7 million in annual interest savings, according to the firm. The loan can be prepaid without penalty and bears annual interest of 11 percent payable quarterly. It is unsecured and subordinate to RCPC’s senior debt.


 

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