Revlon Exchange Conditions “Satisfied”
Revlon Inc. expects its exchange offer to close on Friday, the company said.
The beauty business said Wednesday that it needed time to see if the conditions were met in order to determine if the exchange would go through — on Thursday morning, Revlon said that conditions related to the offer have “been satisfied.”
“Acceptance and settlement is expected to occur on Friday, Nov. 13, 2020, assuming that all conditions precedent continue to be satisfied as of that time,” the company said in a statement. Holders of 68.8 percent of Revlon’s 5.75 percent senior notes, about $236 million in notes, went through with the exchange, Revlon said.
“We are pleased by the favorable response to the exchange offer, and we look forward to closing it on Friday. This represents an important step towards strengthening our capital structure and better positions us to focus on our future growth. While we still have challenges to face — mainly the ongoing impact of the COVID-19 pandemic — we believe that we have the right strategy in place and will continue to execute against it,” said Revlon chief executive officer Debbie Perelman in a statement.
The deal is a meaningful one for Revlon. Had it not gone through, other debt would have accelerated on Monday, Nov. 16, which could have forced the company to restructure.
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