Revlon plans redemption of $50 million 8 5/8% notes

By Jennifer Chiou

New York, Nov. 29 - Revlon Inc. said it intends to use $50 million of proceeds from a rights offering to redeem some of Revlon Consumer Products Corp.'s 8 5/8% senior subordinated notes due 2008.

The New York-based cosmetics, skin care, fragrance and personal care products company plans to launch a $100 million rights offering in December that would allow stockholders to purchase additional shares of its class A common stock.

Remaining proceeds will go towards repaying its $160 million multi-currency revolving credit facility.

The company added that MacAndrews & Forbes, Revlon's parent company, which is wholly owned by Ronald O. Perelman, has agreed to purchase its pro rata share of the $100 million of class A shares covered by the rights offering.

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