Revlon to offer $330 million in secured notes

NEW YORK Revlon, whose stock was upgraded by an analyst on improving financials and lower expenses, intends to offer $330 million in a senior notes offering, the beauty company announced on Monday.

The proceeds from the offering of the notes, due 2015, will be used to pay the total tender offer amount of its previously announced move to buy $340.5 million of senior notes due April 2011, and pay premium and accrued interest on the notes, the company stated.

Meanwhile, BMO Capital Markets analyst Connie Maneaty upgraded the stock to "outperform" from "market perform" and stated that the company's outlook is strengthening and financials are improving.

The news pleased Wall Street as shares of Revlon hit a new 52-week high on Monday.