09.05.08
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 Revlon Class A common stock. The loan reportedly carries an interest cost of almost $19 million.