UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Revlon on Raised Estimates
In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Revlon (NYSE: REV), and raised its price target from $23.00 to $25.00.
BMO Capital Markets noted, “Revlon announced that it has amended its 2011 term loan agreement reducing the total aggregate principal by $113 million from $788 million to $675 million, using proceeds from its February 5 issuance of $500 million of 5.75% senior notes due 2021, together with cash on hand. In addition, the amendment reduced the interest rates applicable to the 2011 term loan to a 3.00% spread and a LIBOR floor of 1.00% from 3.50% and 1.25%, previously.”
Revlon closed on Thursday at $21.62.
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