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| Revlon Consumer Products Corporation Announces Pricing Terms of Notes Offered To Finance Redemption of Its 9-3/8% Senior Notes Due 2001 and 10-1/2% Senior Subordinated Notes Due 2003 |
NEW YORK, Jan. 28 /PRNewswire/ -- Revlon Consumer Products Corporation
("RCPC") announced today the pricing terms of the notes to be issued by Revlon
Escrow Corp., a newly formed subsidiary of an indirect parent of RCPC, in
connection with the previously announced redemption of RCPC's $260 million of
9-3/8% Senior Notes Due 2001 (the "Old Senior Notes") and $555 million of
10-1/2% Senior Subordinated Notes Due 2003 (the "Old Senior Subordinated
Notes" and, together with the Old Senior Notes, the "Old Notes"). Revlon
Escrow Corp. has offered for sale its $250 million aggregate principal amount
of 8-1/8% Senior Notes Due 2006 (the "Senior Notes") and $650 million
aggregate principal amount of its 8-5/8% Senior Subordinated Notes Due 2008
(the "Senior Subordinated Notes" and, together with the Senior Notes, the
"Notes"). The offering of the Notes by Revlon Escrow Corp. is expected to
close on February 2, 1998.
RCPC expects to redeem the Old Senior Subordinated Notes on March 4, 1998,
at which time RCPC will assume the Senior Subordinated Notes. RCPC expects to
redeem the Old Senior Notes on April 1, 1998, at which time, RCPC will assume
the Senior Notes. In connection with the redemption of the Old Notes, RCPC
expects to record an extraordinary charge related to the early extinguishment
of debt of approximately $52.8 million in 1998.
RCPC is a wholly owned subsidiary of Revlon, Inc. (NYSE: REV). The
offering of the Notes is not being registered under the Securities Act of
1933, as amended, and the Notes may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements.
Information in this Press Release includes forward looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements include, without limitation, RCPC's
intention to redeem the Old Notes. All such forward looking statements
involve risks and uncertainties. In addition to factors that are described in
the SEC filings of RCPC, the following factors could cause actual results to
differ materially from those expressed in the forward looking statements:
difficulties or delays in consummating the sale of the Notes, the proceeds
from which will be used to redeem the Old Notes, as well as other difficulties
in effecting such redemptions.
SOURCE Revlon Consumer Products Corporation
back to topRelated links:
Press: Nancy Risdon, 212-527-5971, or
Investor Relations: Deena Fishman, 212-527-5230, both of Revlon
