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Citi Blocks Firms With Errant Revlon Payout From Debt Deals

  • Brigade, HPS, Symphony among those left out of debt offerings
  • Bank is on the hook for over $500 million of wayward cash
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WATCH: Citigroup Inc. is reportedly punishing investment firms that kept the payments the bank accidentally sent for Revlon lenders last year. (Source: Bloomberg)
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Citigroup Inc. is punishing investment firms that kept payments the bank accidentally sent to Revlon Inc. lenders by blocking them from certain new debt offerings led by the bank, according to people with knowledge of the matter.

The bank is choosing to not invite these money managers, who hung on to over $500 million, to its new-issue debt deals, the people said, asking not to be identified discussing a private matter. Firms targeted include Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, the people said.