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 this year
- Revlon’s shares also increased to a high of $17.57 before falling ~3.5% to close at $16.39 Wednesday
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About $450 million of Revlon’s notes are outstanding, with the next coupon payment due in 51 days
- They’re rated C by S&P and C by Moody’s
- Net debt to adjusted Ebitda stood at 24 times in most recent reporting period, data compiled by Bloomberg show
- Ebitda to interest is -0.3
- The company is controlled by Ronald Perelman’s MacAndrews & Forbes Inc.
- A representative from Revlon declined to comment beyond an earnings release announcing the refinancing in May
(Updates with share closing price in third bullet)
This story was produced with the assistance of Bloomberg Automation.
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June 10, 2021 at 02:55AM
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Revlon's Bonds Soar as Cosmetics Giant Reworks Debt Load - Bloomberg
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