Revlon Tries Again on Debt Exchange to Buy Time for Turnaround

Revlon Inc. is asking bondholders a second time to ease its debt load and give the cosmetics giant more time to ride out pressures from the Covid-19 pandemic.

The company, hit hard by store closings to contain the virus, issued a revised plan to exchange its 5.75% bonds due in 2021 after Revlon’s earlier offer attracted almost no takers.

Investors would get either cash or a combination of cash, term loans and second lien notes, the firm said in a regulatory filing Tuesday. The totals they’d receive are still well below face value, and some holders who delay accepting could ...