Revlon Announces Expiration of Exchange Offer and Consent Solicitation
September 14 2020 - 9:25AM
Business Wire
Revlon, Inc. (NYSE: REV) announced today the expiration of its
previously-announced private exchange offer (the “Exchange
Offer”) and consent solicitation (the “Consent
Solicitation”) by Revlon Consumer Products Corporation, its
direct wholly-owned operating subsidiary (the “Company”)
that was made pursuant to a Confidential Offering Memorandum and
Consent Solicitation Statement, dated July 27, 2020. The Company
had offered to exchange any and all its 5.75% Senior Notes due 2021
(the “Existing Notes”) for newly issued 5.75% Senior Notes
due 2024.
The Exchange Offer was subject to the following conditions
precedent: (i) the valid tender without valid withdrawal of not
less than 95% of the aggregate outstanding principal amount of
Existing Notes prior to the Expiration Time (and the provision of
certain related consents for such tendered Existing Notes); (ii)
the receipt of all necessary consents from the lenders under the
Company’s term and revolving credit agreements required in order to
consummate the Exchange Offer and Consent Solicitation; (iii) the
receipt of requisite consents in the Consent Solicitation; and (iv)
various other customary conditions precedent.
As of 11:59 p.m., New York City time, on Friday, September 11,
2020 (the “Expiration Time”), approximately $19,836,000
aggregate principal amount of the Existing Notes (or approximately
5.1% of the aggregate outstanding principal amount of such series
of notes) had been validly tendered into the Exchange Offer and
Consent Solicitation and not withdrawn. As a result of the failure
to satisfy the conditions precedent listed in clauses (i)-(iv)
above, the Exchange Offer has not been completed, and the Company
has not accepted the Existing Notes tendered in the Exchange Offer.
The Existing Notes that have been tendered into the Exchange Offer
will be promptly credited to the applicable holder’s DTC
account.
About Revlon
Revlon has developed a
long-standing reputation as a color authority and beauty
trendsetter in the world of color cosmetics and hair care. Since
its breakthrough launch of the first opaque nail enamel in 1932,
Revlon has provided consumers with high quality product innovation,
performance and sophisticated glamour. In 2016, Revlon acquired the
iconic Elizabeth Arden company and its portfolio of brands,
including its leading designer, heritage and celebrity fragrances.
Today, Revlon's diversified portfolio of brands is sold in
approximately 150 countries around the world in most retail
distribution channels, including prestige, salon, mass, and online.
Revlon is among the leading global beauty companies, with some of
the world’s most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.
Cautionary Statement
This news release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
securities of Revlon, Inc. and/or Revlon Consumer Products
Corporation.
Forward-Looking Statements
Statements made in this press release, which are not historical
facts, are forward-looking and are provided pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements speak only as of the date they
are made and the Company undertakes no obligation to publicly
update any forward-looking statement, whether to reflect actual
results of operations; changes in financial condition; changes in
general U.S. or international economic or industry conditions
and/or conditions in the Company’s reportable segments; changes in
estimates, expectations or assumptions; or other circumstances,
conditions, developments and/or events arising after the issuance
of this press release, except for the Company's ongoing obligations
under the U.S. federal securities laws. Forward-looking statements
are subject to known and unknown risks and uncertainties and are
based on preliminary or potentially inaccurate estimates and
assumptions that could cause actual results to differ materially
from those expected or implied by the estimated financial
information. Actual results may differ materially from the
Company's forward-looking statements for a number of reasons,
including as a result of the risks and other items described in
Revlon’s filings with the SEC, including, without limitation, in
Revlon’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K and amendments thereto, if any,
filed with the SEC during 2019 and 2020 (which may be viewed on the
SEC’s website at http://www.sec.gov or on Revlon, Inc.’s website at
http://www.revloninc.com). Factors other than those referred to
above could also cause Revlon’s results to differ materially from
expected results. Additionally, the business and financial
materials and any other statement or disclosure on, or made
available through, Revlon’s website or other websites referenced
herein shall not be incorporated by reference into this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200914005555/en/
Investor Relations: (212) 527-4040 or
Eric.warren@revlon.com
Revlon (NYSE:REV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Revlon (NYSE:REV)
Historical Stock Chart
From Apr 2023 to Apr 2024