Revlon Announces Debt Refinancing

Revlon Inc.’s subsidiary, Revlon Consumer Products Corporation, has signed an agreement with Citicorp USA, Inc. and Citigroup Global Markets Inc. for a fully committed financing to refinance and extend to 2010 the maturities on the company’s debt that matures in 2005. The refinancing transactions follow the consummation in March 2004 of Revlon’s successful exchange offers, which reduced debt and increased equity by more than $800 million, executives said.

“Revlon continues to make meaningful progress to create long-term value and today’s announcement outlines a key financial building block to doing so,” commented Revlon president and chief executive officer Jack Stahl. “At the same time, we expect to achieve strong growth in operating earnings for the year, despite our current expectation of relatively modest growth in 2004 in the overall U.S. mass market color cosmetics category.”