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Revlon Refinances Debt; Moodys Cuts Rating

November 15, 2005

Revlon Inc. announced its wholly-owned subsidiary, Revlon Consumer Products Corp. (RCPC), commenced a cash tender offer in June to purchase any and all of the $363 million aggregate principal amount outstanding of its 12% Senior Secured Notes due 2005, as part of the company’s recently-announced debt refinancing.
RCPC executives expect the company to enter into new credit agreements with Citigroup and a syndicate of lenders to replace its existing credit facility, to refinance its 12% senior secured notes, to cover tender costs, accrued interest and transactional fees and expenses and for general corporate purposes.
RCPC expects that the new credit facilities will be for an aggregate amount of about $910 million, comprised of a $750 million term loan and a $160 million asset-based multi-currency revolving credit facility. The new credit facilities are expected to be executed concurrently with the consummation of the tender offer.
Following the announcement, Moody’s Investors Service cut its senior unsecured rating on Revlon Inc., citing persistent liquidity concerns and a challenging mass cosmetics market.
Moody’s cut Revlon’s senior unsecured notes to a deeply speculative “Caa2” from “Caa1” and affirmed its “B3” senior implied rating, the sixth-highest junk rating. The outlook is negative, according to Moody’s.
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