THE WHAT? Revlon’s bonds have soared to the highest since January 2020 following a reworking of its company balance sheet, according to a report by Bloomberg.
THE DETAILS The beauty giant’s 6.25 percent senior unsecured bonds rose more than 5 cents on the dollar to 47.25 cents.
Company shares also increased to a high of US$17.57, before dropping 3.5 percent to US$16.39.
THE WHY? The record bonds rise followed Revlon’s refinancing of debt with a $130 million asset-based lending facility.
There are said to be approximately $450 million notes outstanding, with the next coupon payment due in 49 days.