Revlon to redeem 8 5/8% notes due 2008 on Feb. 22

By Jennifer Chiou

New York, Jan. 25 - Revlon Consumer Products Corp. announced the redemption of its $50 million of 8 5/8% senior subordinated notes due 2008.

The company will pay par plus accrued interest up to, but not including, the Feb. 20 redemption date.

To fund the redemption, parent Revlon Inc. will use some of the proceeds from a significantly over-subscribed $100 million rights offering that allows stockholders to purchase additional shares of its class A common stock.

The New York-based cosmetics, skin care, fragrance and personal care products company said shareholders sought to subscribe for about 72 million shares in the rights offering - about 34 million more shares than the 37,847,472 shares sold to the public at $1.05 per share.

MacAndrews & Forbes, Revlon's parent company, which is wholly owned by Ronald O. Perelman, agreed to purchase a total of 57,390,623 class A shares covered by the rights offering.

As a result of the transactions, Revlon will have issued 95,238,095 new class A shares.

Remaining proceeds will go towards repaying $160 million under Revlon Consumer's revolving credit facility.

Noteholders may surrender their securities to U.S. Bank NA (800 934-6802).

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