S&P: Revlon unchanged

Standard & Poor's said that its rating and outlook on Revlon Consumer Products Inc. (B-/stable) would not be immediately affected following the company's recent announcement.

Revlon stated that it has entered into an agreement with MacAndrews & Forbes Holdings Inc. and affiliates to extend the maturity of its $107 million subordinated term loan originally due Aug. 2009 to the earlier of (1) the completion of Revlon's previously announced equity rights offering or (2) Aug. 1, 2010, the agency said.

At the same time, the company reaffirmed its intention to launch a $107 million rights offering and use proceeds to reduce this debt, S&P noted, adding that its ratings upgrade of Oct. 14 incorporated its expectation that the company would be able to complete the equity rights offering before the loan maturity, and reduce debt with the proceeds.

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