Revlon’s exchange offer fails to complete after expiry deadline sees just 5 percent of notes tendered

Revlon’s exchange offer fails to complete after expiry deadline sees just 5 percent of notes tendered

THE WHAT? Revlon has announced the expiration of its private exchange offer and consent solicitation, made on July 27, 2020. The company had offered to exchange any and all of its 5.75 percent Senior Notes due 2021 (Existing Notes) for newly issued 5.75 percent Senior Notes due 2024.

THE DETAILS The US beauty behemoth said that as of the deadline, some US$19,836,000 aggregate principal amount of the Existing Notes had been validly tendered into the exchange offer and consent solicitation, equating to 5.1 percent of the aggregate outstanding principal amount of such notes – and therefore the exchange offer has not been completed.

THE WHY? The exchange offer failed to complete as it had not met the conditions precedent by some margin; that not less than 95 percent of the aggregate outstanding principal amount of Existing Notes be tendered and not withdrawn prior to the deadline.

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