REVLON TO RETIRE $1.15B IN SENIOR SECURED NOTES
NEW YORK — Revlon Worldwide Corp., the parent of Revlon Inc., said Friday it plans to retire its entire package of $1.15 billion senior secured notes due March 1998.
Shares of Revlon Inc. climbed 1 7/8 to 39 Friday on the New York Stock Exchange.
The debt extinguishment will be funded through a newly formed holding company of Revlon Worldwide with the proceeds from the issuance of a new series of its senior secured discount notes together with funds provided by MacAndrew & Forbes.
No sale of Revlon Inc. stock is contemplated in this operation.
Through various intermediate holding companies, MacAndrew & Forbes owns 83.1 percent of the shares of Revlon Inc. and controls 97.4 percent of the voting power.