Colomer expands hair care line with at-home repair products
NEW YORK Creme of Nature, a Colomer USA brand, recently expanded its line of hair care products with two new treatments.
The Jojoba & Olive Oil Moisture-Active Deep Conditioning and Red Clover & Aloe Daily Breakage Relief treatments are at-home hair repair systems designed to be gentle enough for consumer use yet therapeutic enough to reverse the effects of daily heat, styling and weather-related abuse.
The treatments are to be used as the second step of a hair care system that begins with the use of Creme of Nature shampoos and conditioner.
“We are particularly proud of the development of these two treatments, which allow women to reclaim the natural strength and beauty of their hair in the convenience of their own homes,” said Shawn Tollerson, vice president of marketing for Colomer Multicultural Group.
Revlon extends conditions of loan to reduce debt
NEW YORK Beauty company Revlon is amending its $107 million senior subordinated term loan agreement with MacAndrews & Forbes Holdings, Revlon’s majority stockholder, to extend the term of its previously announced equity rights offering.
The term loan will continue to provide that Revlon may, at its option, prepay such loan, in whole or in part, at any time prior to maturity, without premium or penalty, bears interest at an annual rate of 11 percent, payable quarterly in cash, and is unsecured and subordinated to Revlon’s senior debt.
Revlon reaffirmed its intent to launch a $107 million equity rights offering to reduce debt by the same amount. The rights offering would allow stockholders to purchase additional shares of Revlon Class A common stock.
The proceeds of the rights offering would be used to fully repay the remaining principal balance of the term loan. Given the current conditions in the capital markets, Revlon is monitoring the financial markets closely to assess the appropriate timing of the rights offering.
As announced on Sept. 3, Revlon used $63 million of the net proceeds from the previously announced July sale of its non-core Brazilian brands to repay $63 million in aggregate principal amount of the then $170 million term loan. This repayment will result in annualized interest savings of approximately $7 million.
MacAndrews & Forbes, which is wholly-owned by Ronald O. Perelman, beneficially owns as of this date approximately 58 percent of Revlon’s outstanding Class A common stock, 100 percent of Revlon’s Class B common stock and approximately 61 percent of Revlon’s combined outstanding shares of Class A and Class B common stock, which together represent approximately 75 percent of the combined voting power of such shares.
NAD asks for amendments to DermaSilk efficacy claims by maker
NEW YORK The National Advertising Division of the Council of Better Business Bureaus on Friday recommended that BioTech Corporation International, which markets the DermaSilk Anti-Wrinkle dietary supplement, modify or discontinue certain claims for the product, such as “a revolutionary, age-defying anti-wrinkle supplement,” or “it’s like getting a face-lift without the invasive surgery.”
NAD further recommended that the advertiser modify the remaining claims to more accurately reflect that there is emerging evidence that some of the ingredients in DermaSilk may potentially improve the appearance of aging skin and reduce oxidative stress on the skin.
The company, in its advertiser’s statement, said that while the company is “pleased” with NAD’s decision regarding the use of certain claims in the context of emerging science, “we respectfully disagree with NAD’s other findings.”
Nevertheless, the company said, “it supports the self-regulatory process and intends to consider all of NAD’s recommendation in future advertising.”