Revlon Inc. has failed to complete a distressed-bond exchange that would have extended a debt maturity and given the troubled cosmetics company more time to get a handle on hundreds of millions in debt due in the coming months, WSJ Pro Bankruptcy reported. The New York-based company sought at least 95 percent participation in the exchange offer, which would have extended until 2024 the maturities on bonds scheduled to come due in February. But the deal generated little interest among bondholders owning the 5.75 percent notes, which total about $400 million. Only about 5 percent of the bondholders said they would accept the new securities, the company said yesterday. Unless Revlon can find another solution, the outstanding debt will trigger several other term loan facilities to come due in mid-November. Billionaire Ron Perelman’s investment firm, MacAndrews & Forbes Inc., owns 87 percent of Revlon stock. Perelman has recently moved to reshape the MacAndrews portfolio amid fallout from the coronavirus pandemic. Revlon’s financial standing is highly challenged due to the coming maturities. Its bonds trade at deeply distressed levels, including some that changed hands last week at just 14 cents on the dollar.
