Revlon bonds soar following reworking of debt load

Revlon bonds soar following reworking of debt load

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. 

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