Revlon Offers to Buy Back $555 Million of Notes

Cosmetics maker Revlon Inc. said it has begun a cash offer to buy back about $555 million of notes as part of its plan to cut interest costs and extend debt maturities. The buyback offer includes the company’s $363.0 million of 12% senior secured notes due 2005, its $116.2 million of 8.125% senior notes due 2006, and its $75.5 million of 9% senior notes due 2006.

Revlon said in connection with, and as a condition to the tender offers, its wholly-owned subsidiary, Revlon Consumer Products Corp., would enter into a a new credit facility with a consortium of banks, replacing its existing credit facility.

In addition, the company said concurrently with, and as a condition to the consummation of the tender offers, the Revlon Consumer Products Corp. subsidiary expected to issue about $400 million of new senior unsecured debt, subject to market and other customary conditions.