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 ...
