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Revlon Announces Preliminary Exchange Offer Results

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Revlon, Inc. (NYSE: REV) announced that approximately $236.5 million of its 5.75% Senior Notes due in 2021 were tendered in the recent exchange offer, concluding on November 10, 2020. This preliminary figure is subject to change. Revlon will confirm if all conditions for the offer are met by November 13, 2020. The company has a strong reputation in the beauty industry and operates a diversified portfolio sold in around 150 countries.

Positive
  • Approx. $236.5 million of Senior Notes tendered indicates substantial interest.
  • Revlon's diversified brand portfolio is sold in approximately 150 countries.
Negative
  • Pending confirmation of conditions for completion of the Exchange Offer raises uncertainty.

NEW YORK--()--Revlon, Inc. (NYSE: REV) (“Revlon”) announced today that approximately $236.5 million aggregate principal amount of the 5.75% Senior Notes due 2021 (the “Notes”) of Revlon Consumer Products Corporation (the “Company”) had been tendered into the Company’s previously-announced exchange offer and consent solicitation (the “Exchange Offer”), as of the Exchange Offer’s expiration time of 11:59 p.m., New York City time on November 10, 2020. These results are preliminary and subject to change.

Other terms and conditions of the Exchange Offer are described in the Offering Memorandum and Consent Solicitation Statement, dated October 23, 2020, as amended and supplemented (the “Offering Memorandum”). While the Company is announcing these preliminary results promptly after the Exchange Offer’s expiration time, it will determine by Friday, November 13, 2020 whether all conditions precedent to the completion of the Exchange Offer have been fulfilled. Also, as Wednesday, November 11, 2020 is not a business day under SEC’s rules, the Company may, until 9:00 a.m., New York City time, on Thursday, November 12, 2020, determine to extend the Exchange Offer.

About Revlon

Revlon has developed a long-standing reputation as a color authority and beauty trendsetter in the world of color cosmetics and hair care. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer, heritage and celebrity fragrances. Today, Revlon’s diversified portfolio of brands is sold in approximately 150 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Revlon is among the leading global beauty companies, with some of the world’s most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos, Christina Aguilera and AllSaints.

Forward-Looking Statements

Statements made in this press release, which are not historical facts, are forward-looking and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to publicly update any forward-looking statement, whether to reflect actual results of operations; changes in financial condition; changes in general U.S. or international economic or industry conditions and/or conditions in the Company’s reportable segments; changes in estimates, expectations or assumptions; or other circumstances, conditions, developments and/or events arising after the issuance of this press release, except for the Company’s ongoing obligations under the U.S. federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on preliminary or potentially inaccurate estimates and assumptions that could cause actual results to differ materially from those expected or implied by the estimated financial information. Such forward-looking statements include, among other things, the Company’s ability to consummate the Exchange Offer and Consent Solicitation and the Company’s expectations regarding future liquidity, cash flows, mandatory debt payments and other expenditures. Actual results may differ materially from the Company’s forward-looking statements for a number of reasons, including as a result of the risks and other items described in Revlon’s filings with the SEC, including, without limitation, in Revlon’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and amendments thereto, if any, filed with the SEC during 2019 and 2020 (which may be viewed on the SEC’s website at http://www.sec.gov or on Revlon, Inc.’s website at http://www.revloninc.com). Factors other than those referred to above, such as continuing adverse impacts from the ongoing and prolonged COVID-19 pandemic, could also cause Revlon’s results to differ materially from expected results. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Revlon’s website or other websites referenced herein shall not be incorporated by reference into this press release.

Contacts

Media:
Sloane & Company
Dan Zacchei / Joe Germani
dzacchei@sloanepr.com / jgermani@sloanepr.com

FAQ

What was the outcome of Revlon's Exchange Offer for Senior Notes?

As of November 10, 2020, Revlon announced that approximately $236.5 million of its Senior Notes were tendered in the Exchange Offer.

When will Revlon confirm the completion of the Exchange Offer?

Revlon will confirm if all conditions for the Exchange Offer are fulfilled by November 13, 2020.

How many countries does Revlon operate in?

Revlon sells its diversified portfolio of brands in approximately 150 countries worldwide.

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