As announced in its earlier media release, Revlon, Inc. (NYSE: REV) will host a conference call on Tuesday, March 10, 2020 at 8:30 a.m. EDT.
In: dewy skin, under-eye concealer, moisturized hands. As consumers' social and travel plans have evaporated and work is conducted online, beauty brands have had to quickly redirect their pitches to show how their products are still relevant. Marketing from brands such as L'Oreal-owned Maybelline and Revlon Inc on Instagram, Facebook and YouTube now feature products suited for date nights over FaceTime, work-related video conference calls and Zoom happy hours.
Moody's Investors Service, ("Moody's") today downgraded Revlon Consumer Products Corporation's ("Revlon"), unsecured notes to C from Ca and its senior secured term loan rating to Ca from Caa2. At the same time Moody's affirmed Revlon's Corporate Family Rating ("CFR") at Caa3 and its Probability of Default Rating at Caa3-PD.
Q4 2019 Revlon Inc Earnings Call
Revlon, Inc. (NYSE: REV) today announced its results for the quarter ended March 31, 2020.
Revlon, Inc. (NYSE: REV) ("Revlon" and together with its subsidiaries, the "Company") today announced two important steps forward in strengthening the Company’s business, capital structure and foundation for future growth. First, the Company executed an agreement with Jefferies Finance LLC that will significantly enhance the Company’s capital structure by refinancing the Company’s Senior Notes due February 2021 and 2019 Term Loan, extend the Company’s near-term maturities and deliver new funding for the business.
(Bloomberg) -- A group of Revlon Inc. lenders opposing the company’s refinancing plans claims the company violated the terms of its debt agreements last year in a transaction that could complicate its efforts to rework borrowings, according to people with knowledge of the situation.Revlon fired back, vowing to “aggressively fight” the dissenting lenders if they continue their campaign. Revlon still expects to have the necessary votes to close its deal by the deadline of 5 p.m. Friday in New York.The lenders group sent notice of an alleged default to Citigroup Inc. as administrative agent, with respect to a borrowing transaction that occurred last August, said the people, who asked not to be identified because the matter was private. The notice sent Wednesday and signed by lenders accounting for about 40% of the loan amount claims there was a breach of covenants after Revlon moved certain intellectual property to secure a $200 million loan provided by Ares Management Corp.Lenders opposing the plans by billionaire Ronald Perelman’s cosmetics empire earlier directed Citigroup to resign as agent, which the bank refused to do, the people said. The company is moving forward with its plans and continues to believe it isn’t in violation of its loan agreements, they said.Revlon contends a default didn’t take place because the asset transfer was allowed under the debt documents with respect to the intellectual property of its American Crew brand, the people said.“This group of objecting lenders has made one baseless accusation after another to try to block the company from securing financing that would strengthen our balance sheet and weather the Covid crisis,” a representative for the company said in an emailed statement. “Their disgraceful tactics are intended to hurt the company and its employees and their accusations are misleading and without basis.”A representative for Citigroup declined to comment.Revlon’4 2025 bonds fell 2.5 cents to 16.25 cents on the dollar Friday after Bloomberg reported on the plans, according to Trace bond trading data. Revlon shares fell 8% to close at $12.26.Voting DeadlineSome of Revlon’s lenders have objected to its $1.8 billion refinancing package because it would allow the company to siphon off collateral currently pledged to them to back the new debt. The debt deal needs more than 50% of the holders to participate for it to close.The group of opposing lenders represented by the law firm Arnold & Porter includes Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, Bloomberg has reported. Lenders in favor of the plans include Ares, Angelo Gordon & Co. and King Street Capital Management, the people said.A representative for Ares, Angelo Gordon and King Street declined to comment.The refinancing plan is the latest by Revlon to ease its debt load and buy time to focus on a business turnaround. Discussions with the company over solutions to rework the debt had been ongoing, but were complicated by the coronavirus pandemic as some lenders, including Brigade and HPS, split off to form a dissenting group, the people said.The company got some financial breathing room this week after it closed and drew on a new $65 million revolving credit facility provided by supporting lenders. That revolver will be included in the total holdings amount and could be the tipping point, giving Revlon the necessary votes to reach the consent threshold, the people said.‘Serious Effects’Lawyers for Revlon at Paul Weiss Rifkind Wharton & Garrison LLP said in a letter last week that the company’s debt documents allow it to take out the new loans and warned that opponents to the borrowing would face “potential liability,” according to the document reviewed by Bloomberg.“Because of Revlon’s need for liquidity, any delay in the transactions could have serious effects,” according to the letter. Revlon Chief Financial Officer Victoria Dolan said in a separate statement that the company was confident it would overcome the opposing lenders and “secure the financing and liquidity necessary to support Revlon” and protect its employees.Read More: Revlon on Track to Close $1.8 Billion Debt-Refinancing PackageRevlon, controlled by Perelman’s MacAndrews & Forbes Inc., has struggled to remain relevant and stem falling sales amid competition from Estee Lauder Cos. and a host of smaller companies that have used social media to lure away customers. Revlon has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor, which it markets in more than 150 countries.If the deal closes by the Friday deadline, lenders who don’t choose to participate will be stripped of their first-lien protections and left with third-lien positions, the people said. The dissenting lender-group had signed a co-operation agreement to oppose the deal that applies through July, said the people.(Updates with Citigroup response, bond trading from seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Hedge funds don't get the respect they used to get. Nowadays investors prefer passive funds over actively managed funds. One thing they don't realize is that 100% of the passive funds didn't see the coronavirus recession coming, but a lot of hedge funds did. Even we published an article near the end of February and […]
Revlon (REV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Revlon Inc. late Monday unveils a plan to save costs and refinance its debt amid deepening losses for U.S. equities.
Rating Action: Moody's downgrades Revlon's CFR to Caa3; outlook negative. Global Credit Research- 03 Apr 2020. New York, April 03, 2020-- Moody's Investors Service, downgraded Revlon Consumer Products ...
(Bloomberg) -- Revlon Inc. is closing in on a $1.8 billion refinancing package that would rework a majority of its debt load, according to people with knowledge of the situation.The cosmetics company is expected to have enough support from its backers and intends to close the refinancing by Friday’s 5 p.m. New York-time deadline, said the people, asking not to be identified discussing a private matter. The cutoff had been pushed back to allow more time for negotiations to take place and lenders to sign on.A representative for Revlon declined to comment.The refinancing is the latest effort to ease obligations at the company controlled by billionaire Ronald Perelman and buy more time to execute a turnaround. It replaces a smaller $850 million package arranged earlier by Jefferies Financial Group Inc.The company also arranged a separate $65 million revolving credit facility with certain lenders that was drawn at closing, the people said. Proceeds will be used to bolster liquidity as it rides out the loss of revenue caused by the coronavirus pandemic.Revlon, controlled by Perelman’s MacAndrews & Forbes Inc., has struggled to remain relevant and stem falling sales amid competition from Estee Lauder Cos. and a host of smaller companies that have used social media to lure away customers. Revlon has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor, that it markets in over 150 countries.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investment firm Jefferies has propped up an otherwise barren US leveraged loan market in April, bringing US$1.275bn worth of new supply at enticing terms to lure a yield-hungry investor base still weighing the impacts of the coronavirus. “When Jefferies has a lot in the market while nothing else is happening, we know there’s a sense for an opportunity,” said one managing director at a bank. “They work with a lot of companies in sectors that are hurting from the virus like restaurants or retail, so Jefferies can come in and structure a deal with high coupons.”
(Bloomberg) -- Revlon Inc. lined up enough support from lenders for a $1.8 billion overhaul of its debt, despite resistance from a group of its creditors, according to people with knowledge of the situation.The makeup company got the majority votes from lenders needed to approve the debt refinancing as of the deadline Friday, the people said, asking not to be identified discussing a private matter. The votes, which were tallied including a new revolver, were enough to amend current loan documents and set the company’s deal on the path to completion.A representative for New York-based Revlon declined to comment.The refinancing plan is the latest by Revlon to ease its debt load and buy time to focus on a business turnaround. Discussions were complicated by some lenders who still oppose the $1.8 billion debt package.Read More: Revlon Lenders Allege Default With Debt Deal Nearing Close (2)A group of lenders opposing the company’s refinancing plan claims the company violated the terms of its debt agreements last year in a transaction that could complicate its efforts to rework borrowings, Bloomberg reported. They sent a notice of default to Citigroup Inc. as administrative agent, which was signed by lenders representing roughly 40% of the loan amount.Revlon contends a default didn’t take place because the asset transfer was allowed under the debt documents with respect to the intellectual property of its American Crew brand.The company got some financial breathing room last week after it closed and drew on a new, $65 million revolving credit facility provided by supporting lenders. That revolver was included in the total holdings amount the company was calculating for the vote to get the amendment to pass and the deal to be approved, the people said.Revlon, controlled by Ron Perelman’s MacAndrews & Forbes Inc., has struggled to remain relevant and stem falling sales amid competition from Estee Lauder Cos. and a host of smaller companies that have used social media to lure away customers. Revlon has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor, which it markets in more than 150 countries.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The analyst might have been a bit too bullish on Revlon, Inc. (NYSE:REV), given that the company fell short of...
The cosmetics maker has been struggling to attract youngsters in a competitive market that houses several upstart brands, including actor Millie Bobby Brown's Florence by Mills vegan cosmetics, and bigger companies such as L'Oreal
Q1 2020 Revlon Inc Earnings Call
Revlon, Inc. (NYSE:REV) today announced that on Monday, May 11, 2020 the Company intends to release its results for the first quarter ended March 31, 2020 and host a conference call at 8:30 A.M. NYC time.
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...
Due to the ongoing public health impact of the COVID-19 pandemic and to support the health and well-being of the stockholders and management of Revlon, Inc. (NYSE: REV) ("Revlon" or the "Company"), notice is hereby given that Revlon will be conducting its 2020 Annual Stockholders’ Meeting (the "2020 Annual Meeting") only via a virtual meeting accessible at www.virtualshareholdermeeting.com/REV2020. Accordingly, stockholders will not have the option of physically attending the 2020 Annual Meeting in person. As previously announced, the date and time of the 2020 Annual Meeting has not changed – it remains scheduled for Thursday, June 4, 2020 at 10:00 a.m. E.D.T.