Debt-for-equity swap boosts Revlon finances
Bondholders and rating agencies welcome the move; spreads tighten accordingly
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
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