Revlon wraps offer for 9¾% notes due 2015, gets no additional tenders

By Susanna Moon

Chicago, Feb. 27 - Revlon, Inc.'s wholly owned operating subsidiary Revlon Consumer Products Corp. completed the offer for its $330 million of outstanding 9¾% senior secured notes due 2015 after having received no additional tenders since the early deadline, according to an 8-K filing with the Securities and Exchange Commission.

The tender offer expired at 11:59 p.m. ET on Feb. 26.

As noted before, Revlon settled early tenders for $192 million, or 58%, of the notes and, as a result, received the needed majority of consents to amend the notes and execute a supplemental indenture.

All of the notes tendered by the early deadline were settled with proceeds from the company's offering of senior notes completed on Feb. 8. Revlon Consumer Products priced an upsized $500 million of eight-year senior notes at par to yield 5¾%, as previously reported by Prospect News.

The total purchase price was $1,054.50 for each $1,000 principal amount of notes tendered by 11:59 p.m. ET on Feb. 7, the early tender date, plus accrued interest up to but excluding the payment date.

The total payment included a $30.00 consent payment per $1,000 of notes.

Those who tendered after the consent deadline would have received the base payment of $1,024.50 per $1,000 of notes.

Holders also received accrued interest up to but excluding the payment date.

The company solicited consents to eliminate substantially all of the restrictive covenants and a number of events of default.

Holders who tendered their notes were deemed to consent to all of the proposed amendments, and holders could not deliver consents without tendering their notes.

The company planned to redeem any notes that remain outstanding after the offer ended.

The tender offer was conditioned on the company obtaining enough financing proceeds to fund the offer, which was satisfied.

Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106) is the dealer manager. U.S. Bank NA (800 934-6802) is the depositary and information agent.

Revlon makes cosmetics and other personal care products and is based in New York.

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