Revlon’s Bonds Soar as Cosmetics Giant Reworks Debt Load (1)

Debt tied to Revlon Inc. soared to the highest since January of last year as the cosmetics company reworks its balance sheet. The company’s 6.25% senior unsecured bonds rose more than 5 cents on the dollar to a high of 47.25 cents on Wednesday.

• Revlon refinanced debt with a $130 million asset-based lending facility
• The company’s bonds inched higher starting Tuesday and were among the top gainers in the U.S. high-yield market on Wednesday, according to Trace bond trading data
  • The notes rose the most since November of 2020, pushing the yield to 35%
  • They have returned 28% so far ...