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Revlon Refi Attracts Bond Players Despite Some Boos March 05, 2010

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--Katherine Greene

The $940 million Revlon deal making the rounds in the market is getting the cold shoulder from some investors still harboring old grudges against Revlon boss Ron Perelman. But the deal is bringing on buyers who historically have had the biggest gripe with Perelman: bondholders. Investors in the bonds of some of Perelman¹s companies have taken some heavy hits over the years. But some of those investors are grabbing the new bank loan because of its covenants and what one called “the Perelman Discount.” Uncertainty about Perelman translates into 50 or 75 extra basis points in the spread, making the deal attractive for investors willing to jump on board, ...

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