US cosmetic and personal care company Revlon on Friday announced the completion of the rights offering the company launched on 16 May this year. At the same time Revlon said that the rights offering was fully subscribed by the public.
Revlon president & CEO Jack Stahl commented : "I am delighted with this demonstration of support by our shareholders, as the company continues to make progress on taking the actions necessary to strengthen the business for the future."
Revlon indicated in a statement that subscribers in the rights offering, other than MacAndrews & Forbes Holdings - Revlon's principal indirect shareholder, - subscribed for 3,015,303 shares of Revlon's Class A common stock at $2.84 per share.
Because the rights offering was fully subscribed by the public, MacAndrews & Forbes was not required to purchase any shares in excess of its pro-rata portion pursuant to its agreement to back stop the rights offering.
MacAndrews & Forbes purchased a total of 14,590,347 shares of Revlon's Class A common stock at $2.84 per share. As a result of these transactions, Revlon said that is has issued a total of 17,605,650 shares of its Class A common stock, increasing the number of outstanding shares to 38,121,785 and the total number of shares of common stock outstanding, including the Company's existing 31,250,000 shares of Class B common stock, to 69,371,785. MacAndrews & Forbes continues to own 83 per cent of Revlon's total outstanding common stock.