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Citi Helps Revlon Rework Debt Despite $900 Million Payment Error

March 11, 2021, 3:07 PM

If Citigroup Inc’s accidental $900 million payment to Revlon Inc. lenders strained the bank’s relationship with the cosmetics giant, you wouldn’t know it: The two continue to do business together.

The makeup company worked with Citigroup as recently as this week to close an amendment to its revolving credit line, Revlon said in fourth-quarter results Thursday. That’s after Citigroup made the infamous payment error in August and recently stepped in as a Revlon creditor, forcing the bank to revise its results last month after it wrote down a portion of Revlon’s loan.

The bank had served as Revlon’s loan ...