Revlon Inc. (REV) on Wednesday said it plans to reduce its debt by $170 million by repaying the $170 million MacAndrews & Forbes Senior Subordinated Term Loan, which matures on August 1, 2009. The debt reduction would be achieved in two steps. Upon closing the rights offering, Revlon plans to use the net proceeds of such equity issuance to fully repay the remaining balance of the M&F Term Loan.
In the first step, Revlon would use $63 million of the net proceeds from the previously announced July 2008 sale of its Bozzano business in Brazil to repay $63 million of the $170 million M&F Term Loan. The remaining approximately $30 million of net cash proceeds from the sale of the Bozzano business would be used by the Company for general corporate purposes. In the second step Revlon intends to launch, as early as in the fourth quarter of 2008, a $107 million equity rights offering that would allow stockholders to purchase additional shares of Revlon Class A common stock.
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