Revlon Inc (REV)
30 Sep 2016
Thu, Sep 8 2016
* Has approved, without conditions, intermediate merger whereby Revlon intends to acquire Elizabeth Arden Source text for Eikon: [http://bit.ly/2cmUMNb] Further company coverage: (Bengaluru Newsroom)
* "Regarding funding for Elizabeth Arden acquisition, company received a very strong and positive reaction from debt markets"
* Increasing aggregate principal amount of notes offered from $400 million to $450 million
* Revlon inc says its unit is proposing to issue $400 million aggregate principal amount of senior unsecured notes due 2024
BRIEF-Revlon presentation - expects total costs of about $60 mln to realize synergies from Elizabeth Arden deal
* Presentation- expects total costs of about $60 million over 4 yrs to realize synergies from deal
* Reviews Revlon's Ratings For Downgrade On Announcement To Acquire Arden Source text for Eikon: Further company coverage:
* Elizabeth Arden Inc. ratings placed on creditwatch positive on acquisition by Revlon Source text (http://bit.ly/2684RAq)
* Elizabeth Arden must pay co $14 million termination fee if merger is terminated following change of recommendation by its board
Cosmetics maker Revlon Inc has agreed to buy Elizabeth Arden Inc in an $870 million deal to strengthen its skincare and fragrance business and expand in high-growth markets including the Asia-Pacific region.
* Elizabeth Arden shares up 50 pct after market (Adds details, background)