OTHER NEWS - May 27, 1992
From Times Staff and Wire Reports
Revlon Plans Stock Issue: Cosmetics giant Revlon Inc. ended nearly a year of speculation by seeking government approval to issue stock to obtain money to pay down debt. Revlon asked the Securities and Exchange Commission for permission to issue 20 million shares--just under 20% of the company--in a move that could raise as much as $500 million. Revlon went private in 1985 in a $2.5-billion leveraged buyout engineered by Ronald O. Perelman. Revlon is paying 11.75% interest on $475 million in junk bonds, which would be bought back with proceeds from the stock offering. The company’s total debt amounts to $1.2 billion.
