Welcome

Perelman Sells Revlon Loans at a Loss, Weeks After Debt Swap (2)

Dec. 2, 2020, 5:18 PM

Billionaire Ronald Perelman’s holding company sold Revlon Inc. loans at a loss just weeks after participating in a debt swap that helped the cosmetics company stave off bankruptcy.

Perelman’s MacAndrews & Forbes sold all of its holdings of Revlon’s asset-backed term loan and second-lien term loan in transactions on Tuesday, according to a regulatory filing. The firm unloaded $11.5 million of asset-backed loan principal for $10.2 million, and $17.3 million of second-lien loans for $8.1 million, the filing shows.

Last month, MacAndrews & Forbes paid around $42 million for securities it turned into the swap, and received a ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.