Revlon Adjusted EBITDA Margin Reconciliation
Transaction Benefits
The Transaction has significant benefits for both the Company and its 2021
Noteholders if consummated.
Benefits to the Company
Avoids springing maturities on certain
tranches of debt that are secured and
rank higher in priority than the Notes
The Transaction will provide the
Company with debt maturity runway to
continue executing on its business
strategy and its 2020 Restructuring
Program
Non-cash exchange consideration
allows the Company to provide
incremental value to exchanging
Noteholders, while preserving its liquidity
required to operate in the face of
continued COVID-19 uncertainty
After conversations with the ABL Agent,
Citi, the Company is confident it will
obtain the required ABL consent
Benefits to 2021 Noteholders
Avoids springing maturities on certain
tranches of debt that are secured and
rank higher in priority than the Notes.
Provides exchanging Noteholders with
substantial value, especially given
depressed trading prices
Exchanging Noteholders receive
secured debt consideration and/or cash
that provides downside protection and
an improved capital structure position
vis-à-vis existing unsecured status
All available consideration (i.e., excess
cash and permitted debt) is being
offered to Noteholders in the exchange
Dual consideration option provides
flexibility for non-eligible Noteholders to
participate in the transaction
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