Revlon Inc. said Wednesday that it is taking several measures to reduce its debt.

The company plans to launch a $100 million rights offering in December that would allow stockholders to purchase additional shares of Revlon Class A common stock. Revlon plans to distribute rights to its shareholders to buy shares at the close of business on Dec. 11. Additionally, Revlon's operating subsidiary, Revlon Consumer Products Corp., plans to refinance its existing credit agreement. The refinancing relies on replacing its existing $800 million term loan with a new five-year, $840 million term loan facility. The plan also includes changing its existing $160 million revolving credit facility and extending its maturity through the same five-year period.

Revlon expects to close and fund these changes, which are subject to a number of customary conditions, in late December.

Arden Signs Johnson for Daytona Fragrance
Elizabeth Arden announced Wednesday that it had signed race car driver Jimmie Johnson as the face of its Daytona 500 fragrance.

Johnson, who won the Daytona 500 this year and has been named the winner of the 2006 Nextel Cup Series, will be featured in national advertising, promotional packaging, in-store displays and sales promotions for the men's fragrance, which Arden released in partnership with the International Speedway Corp. in February. The scent is carried at J.C. Penney, Sears, Wal-Mart, Target, Kohl's, CVS and Rite Aid doors.

The first ads — national TV spots featuring Johnson and his wife, Chandra — will break in December, as Arden hopes to rev up the holiday fragrance-buying season.

"The Daytona 500 fragrance leverages the prestige and popularity of the great American race," said E. Scott Beattie, chairman and chief executive officer of Elizabeth Arden, in a statement. "As the winner of the 2006 Nextel Cup Series championship and reigning champion of the Daytona 500, Jimmie Johnson is the very embodiment of the Daytona 500 fragrance. There is no better individual to communicate the brand message than Jimmie."

"When you hear ‘Start your engines' at Daytona each year, it's all about power, intensity and adrenaline for the next 500 miles," Johnson said in the statement. "The Daytona 500 fragrance has energy and confidence — both great to have, on or off the track."

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