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

June 9, 2021, 9:51 PM

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 ...