Revlon unit tenders, seeks consent for $330 million 9¾% notes due 2015

By Susanna Moon

Chicago, Jan. 29 - Revlon, Inc. said its wholly owned operating subsidiary Revlon Consumer Products Corp. began a cash tender offer and consent solicitation for its $330 million of outstanding 9¾% senior secured notes due 2015.

The company will pay $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.

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

Those who tender after the consent deadline will receive the base payment of $1,024.50 per $1,000 of notes.

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

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

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

Holders who tender their notes will be deemed to consent to all of the proposed amendments, and holders may not deliver consents without tendering their notes.

The company plans to redeem any notes that remain outstanding after the offer ends.

The tender offer is conditioned on the company obtaining enough financing proceeds to fund the offer.

Tendered notes may be withdrawn by the early tender date.

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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