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Revlon, Inc. (REV)

NYSE - NYSE Delayed price. Currency in USD
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13.41-0.29 (-2.12%)
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  • j
    jn
    Perelman??? Is he finally making his move?
  • m
    miss
    Nice move on a down day, hopefully a good advance signal for REV & COTY b4 next week's earnings!
  • D
    Dennis
    After such a steep run-up, it is most likely time to take profits in the pre-market, if it is not too late. This item from REV Stocktwits page:
    Bullish
    $REV
    well I took some profit...
  • D
    Dennis
    Are the Earnings per Share really at negative 8.24? Regularly losing about half the value of every share?
  • A
    Andrew
    I sold this at 10.50 2 days before the run
  • A
    Andrew
    I should have bought more lol
  • A
    Andrew
    why the high pm?
  • F
    FlashFreeze
    Congratulations to bondholders who held back. :)

    NEW YORK--(BUSINESS WIRE)--Revlon, Inc. (NYSE: REV) announced today the final results and expiration of its previously-announced exchange offer and consent solicitation (the “Exchange Offer and Consent Solicitation”) by Revlon Consumer Products Corporation, its direct wholly-owned operating subsidiary (the “Company”) that was made pursuant to the amended and restated offering memorandum and consent solicitation statement (the “Offering Memorandum”), dated October 23, 2020. The Company had offered to exchange any and all its 5.75% Senior Notes due 2021 (the “Notes”) issued pursuant to that certain indenture, dated February 8, 2013 (as amended, supplemented, or modified), by and among the Company, the guarantor parties thereto and U.S. Bank, National Association, as trustee (the “Indenture”), for (i) the cash consideration or (ii) the Mixed Consideration, in each case as described in the Amended and Restated Offering Memorandum.

    As of 11:59 p.m., New York City time, on Tuesday, November 10, 2020 (the “ Expiration Time”), approximately $236 million aggregate principal amount of the Notes (or approximately 68.8% of the aggregate outstanding principal amount of such series of Notes) had been validly tendered into the Exchange Offer and Consent Solicitation and not withdrawn.

    The Company has determined that all conditions precedent to the consummation of the Exchange Offer and Consent Solicitation have been satisfied, and acceptance and settlement is expected to occur on Friday, November 13, 2020 (the “Settlement Date”), assuming that all conditions precedent continue to be satisfied as of that time. On the Settlement Date, the Company will enter into a supplemental indenture to the Indenture to adopt the Proposed Amendments (as defined in the Offering Memorandum) which would eliminate substantially all restrictive covenants and certain events of default provisions. As a result, the Company does not expect that any bankruptcy or insolvency proceeding will be necessary.

    Once the Settlement Date occurs, the Company expects to give irrevocable notice under the Indenture that it will optionally redeem, on December 14, 2020, the remaining approximately $106.8 million aggregate principal amount of Notes not tendered into the Exchange Offer and Consent Solicitation at a price equal to 100% of their aggregate principal amount, together with interest accrued on such Notes to, but excluding, the date of redemption, in accordance with the terms of the Indenture. As a result of such notice and the irrevocable deposit of funds with the Indenture trustee sufficient to effect such redemption, the Notes and the Indenture will be considered discharged in full effective as of November 13, 2020.

    Debra Perelman, Revlon's President and Chief Executive Officer, stated: “We are pleased by the favorable response to the Exchange Offer, and we look forward to closing it on Friday. This represents an important step towards strengthening our capital structure and better positions us to focus on our future growth. While we still have challenges to face – namely the ongoing impact of the COVID-19 pandemic – we believe that we have the right strategy in place and will continue to execute against it.”
  • S
    SLO Doug
    Revlon retain bond due 2/15/21 are selling now at $54.3. I think the exchange will be accepted by the institutional holders who will be paid about $700 per bond and the remaining unexchanged bonds will pay full at maturity in February of next year.
  • F
    FlashFreeze
    From the SEC filing on October 23, it seems even with the missing $90m bondholders, the exchange offer is going to pass because REV has ample liquidity even if these bondholders are a no show but I expect another extension tomorrow just to play safe.

    Modifications to Conditions Precedent

    Products Corporation has eliminated the condition precedent to the completion of the Exchange Offer that a minimum of 95% of all aggregate principal amount of Notes outstanding be tendered in the Exchange Offer.

    Products Corporation has included a new condition to the completion of the Exchange Offer that Products Corporation’s As-Adjusted Liquidity (as defined below) be not less than $175,000,000 plus the aggregate principal amount of Notes (together with accrued and unpaid interest thereon) outstanding after completion of the Exchange Offer.

    The Company’s “As-Adjusted Liquidity” is defined as: (1) unrestricted cash (including cash generated from operations) after completion of the Exchange Offer, plus (2) “Excess Availability” under the Amended Credit Agreement after completion of the Exchange Offer, less (3) accrued and unpaid transaction-related professional fees.

    As of October 16, 2020, the Company’s As-Adjusted Liquidity was a total of approximately $308 million, consisting of: (1) $267 million of unrestricted cash (not reflecting any cash generated from operations or any other items that might arise after such date), plus (2) $57 million of “Excess Availability” under the Amended Credit Agreement (not giving effect to an $85 million availability block currently in effect that will terminate as of the date of completion of the Exchange Offer and not reflecting any reserves or other adjustments to the Borrowing Base thereunder that may be imposed by the lenders prior to the settlement date of the Exchange Offer and Consent Solicitation), less (3) approximately $16 million of accrued and unpaid transaction-related professional fees.

    All other conditions precedent remain unchanged.
  • S
    SLO Doug
    Bond prices edging up. Stock prices raising substantially. Exchange offer extended with a price of $325 for retail holders and $750 for institutional holder. And a NEW glossy 4 color two page printed and FedEx delivered flyer announcing the deadline extension. Jeeezzeee. Spend the dollars Perlman. Spend the dollars. Don't protect the current and existing stock & bond holders. A god forbid you sweeten the offer to existing retail bond holder.

    Forget the success of the exchange unless you have complete control of the institutionally bond holders.
  • R
    Ray
    Very pleased with the Q1 results. As we near the end of global lockdowns a much stronger and disciplined Revlon has emerged. Elizabeth Arden performance was very impressive and proves that the strategic acquisition of that brand was a great move.
    Long Rev!! 🚀
  • M
    Mirek
    Revlon is up just like AMC madness after hours
    Ron owns 87% float, very easy to control price , i don't have a crystal ball but looks like monster short squeeze is coming $40 Mittleman Brothers price target is explained in their letter to shareholders last year
    they own 1788251 shares, likely more now .If there is no sellers, price will shoot up fairly quick
    Any one owning shares do not let shorts have it, let's ride it up!
    ,
  • F
    FlashFreeze
    It's looking like Revlon is trying to do away with the default provisions. Is that what news releases talk about when they said November 16 deadline?

    Revlon Announces Amendment and Extension of Exchange Offer and Concurrent Consent Solicitation
    Oct 23, 2020
    NEW YORK--(BUSINESS WIRE)

    In conjunction with the Exchange Offer, the Company is soliciting consents (the “Consent Solicitation”) to effectuate proposed amendments, which will eliminate substantially all of the restrictive covenants and certain events of default provisions from the Indenture. Holders who tender their Notes in the Exchange Offer must also, and will be deemed to, deliver their consents with respect to such Notes pursuant to the Consent Solicitation.

    As amended, the Exchange Offer and Consent Solicitation is no longer subject to the condition precedent that a minimum of 95% of all aggregate principal amount of Notes outstanding be tendered in the Exchange Offer. The Exchange Offer and Consent Solicitation is now subject to a new condition precedent that the Company’s As-Adjusted Liquidity (as defined below) is not less than $175,000,000 plus the aggregate principal amount of Notes (together with accrued and unpaid interest thereon) outstanding after completion of the Exchange Offer and Consent Solicitation. All other conditions precedent remain unchanged, as more fully set forth in the Amended and Restated Offering Memorandum.
  • S
    SLO Doug
    Revlon Bonds (761519BD8) due 2/15/21 (10 months from now0 selling at $64.5 with a YTM of 68.6%. This certainly borders on BK territory. Any thoughts?
  • A
    Adam
    REV it’s in top 15 in shorted stock. I think it will move big time.
  • R
    Ray
    There were no shockers in the ER and the after hours activity is proving this. Color cosmetics and fragrance are a challenge for the entire industry. I remain long for the following reasons:
    1. Perelman remains one of the greatest business minds
    2. He owns 87% of the shares
    3. The parts are greater than the whole and actively looking to offload brands that make sense to further lower debt
    4. Company now has no debt maturities until 2024 so it has time to execute plans
    5. Has shown a remarkable ability to pivot during the downturn and drastically adjusted operating costs
    6. Their mass market portfolio and price points play well in challenging economic times
  • F
    FlashFreeze
    It's looking like REV will be trading around $12.50 on December 18 to inflict maximum pain on options, especially those $12.50 and $15 calls (almost 9k in total).

    It's just a guess I had a few weeks ago and it's coming to fruition.
  • S
    SLO Doug
    Revlon has again made an exchange offer for their bonds. A Yahoo summary say: "Investors who act by October 13 will get $275 in cash, plus a $50 early tender fee, for every $1,000 of bonds they turn in. Certain institutional holders can receive as much as $250 in cash, plus $145 of term loans and $217.50 of new second-lien notes. The plan also calls for wiping out substantially all the restrictive covenants and certain default provisions on the notes.
    The infrequently traded 2021 bonds were quoted at 32.5 cents on the dollar on Sept. 22."

    This exchange is NOT restricted to qualified investors (BIG dollar guys) and returns about $37.50 per bond. It is not clear to me if the 2024 bonds (cusip 761519BF3) are included in the offer but I don't think so because of the trade price for the bonds (about $14).

    The question remains IF this exchange offer will bring retail bond holders to the exchange table. It IS a bad haircut.