💄Revlon: Lipstick on a Pig? Parts IV, V & VI💄
ICYMI, we recently went down the Revlon Inc. ($REV) rabbit hole. To catch up:
At the conclusion of Part III, we noted that while Revlon’s fresh Brandco transaction…
“…improved Revlon’s liquidity and maturity profile, it merely kicked the can on Revlon’s looming problems, leaving unresolved a number of additional issues.”
We concluded:
Wait. There are MORE issues?!… 😬
In this special Members’-only edition, we’re going to pick up precisely where we left off.
💄Revlon: Lipstick on a Pig? Part IV (The Notes Exchange Offer).💄
This is a snippet from Revlon’s last earnings call:
So, uh, yeah. “More issues.”
There are still the ‘21 5.75% senior unsecured notes that remain outstanding!
In addition to the nearing maturity (Feb), the notes share a November 16, 2020 springing maturity with one of the company’s term loans in the event “certain liquidity requirements” aren’t met. With the company’s existing cash flow problems exacerbated by the impact of COVID-19, meeting this liquidity requirement is an increasing concern for Revlon and its investors. At summer’s end, Revlon’s management team launched an exchange offer and consent solicitation in an attempt to amend and extend the springing maturity and…
TO READ THE REST OF THIS SEGMENT, YOU MUST BE A MEMBER.
💄Revlon: Lipstick on a Pig? Part V (Perelman’s Plight).💄
Source: Getty Images
One reason why the lenders might be more inclined to play chicken here? The conventional wisdom has always been that Ronald Perelman will swoop in as White Knight. After all…
TO READ THE REST OF THIS SEGMENT, YOU MUST BE A MEMBER.
💄Revlon: Lipstick on a Pig? Part VI (The Revised Notes Exchange Offer).💄
TO READ THIS SEGMENT, YOU MUST BE A MEMBER.
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