Debt-for-equity swap boosts Revlon finances

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In a move to dramatically strengthen its balance sheet, cosmetics company Revlon has brokered agreements with fund managers Fidelity Investments and MacAndrews & Forbes to swap bonds for company shares. After years of surviving on emergency cash infusions from financier Ronald Perelman, analysts say that the company may have finally found a longer-term financial solution.

The refinancing agreement will cut the company’s $1.9 billion debt load almost in half with a debt reduction amounting to

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