Revlon’s Bank Group Amends Credit Agreement

Debt-burdened Revlon Inc. said its bank group agreed to amend Revlon’s credit agreement, providing the company with essentially a one-year extension of the waiver received last year on certain financial covenants.

The New York-based company said the waiver covers covenants for its earnings before interest, taxes, depreciation and amortization and other measurements. Specifically, Revlon’s financial covenants have been waived for the four fiscal quarters ending Dec. 31, 2003, eliminated for the first three quarters of 2004, and waived through Jan. 31, 2005 for the four fiscal quarters ending Dec. 31, 2004, the company said. In addition, it also continues the $20 million minimum liquidity covenant established in connection with the company’s 2003 credit agreement amendment.