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Revlon, Inc.
announced today that its wholly-owned operating
subsidiary, Revlon Consumer Products Corporation ("RCPC"), has successfully
completed its previously announced private offering of $500 million aggregate
principal amount of 5.75% senior unsecured notes due February 15, 2021 (the
"Notes"). The Notes are guaranteed by RCPC's domestic subsidiaries, which also
currently guarantee RCPC's term loan and asset-based revolving credit
facility.
RCPC intends to use the net proceeds from the offering to: (i) pay the tender
offer consideration, including applicable consent payments, in connection with
RCPC's previously-announced cash tender offer to purchase any and all of the
$330 million outstanding aggregate principal amount of its 9¾% Senior Secured
Notes due November 2015 (the "9¾% Senior Secured Notes"); (ii) pay the
applicable premium and accrued interest, along with related fees and expenses,
on the 9¾% Senior Secured Notes that are subsequently redeemed by RCPC
following the tender offer; (iii) pay applicable fees and expenses incurred in
connection with the offering, the tender offer and any redemption; and (iv)
use the remaining balance available for general corporate purposes, including
debt reduction transactions such as repaying a portion of its 2011 Term Loan
Facility due November 2017 and repaying the contributed loan portion of its
Amended and Restated Senior Subordinated Term Loan at maturity in October
2013.
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