Word: borrowers
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...biggest takeover in U.S. history: a $17.6 billion leveraged buyout by management of the tobacco and food conglomerate. (Among its top brands: Winston cigarettes, Oreo cookies, Ritz crackers and Life Savers candy.) The RJR executives, with the help of the Shearson Lehman Hutton investment firm, hope to borrow close to $16 billion to finance the deal. If the transaction is completed, it would eclipse Chevron's $13.3 billion acquisition of Gulf Oil in 1984 as the largest takeover ever...
...Private investors have guaranteed more than $30 billion in capital to large takeover funds, providing would-be raiders with the capital to mount their attacks. Kohlberg, Kravis, Roberts, an investment firm with $5.6 billion for use in takeovers, is a leader in the field. Since the takeover funds can borrow against their capital, they have the potential to raise as much as $300 billion. In a practice known as merchant banking, Wall Street firms, including KKR, Shearson Lehman Hutton and Morgan Stanley, are buying stakes for themselves in the companies they help investors take over...
Risks arise, though, when takeovers force a company to assume excessive debt. The proposed buyout of RJR Nabisco, for example, could load the company with enough debt to make it vulnerable to rising interest rates and a recession. Since Philip Morris will borrow about $9 billion to buy Kraft, its obligations too could become uncomfortable. The tobacco conglomerate is confident, however, that its cigarette business will generate enough cash to pay off its debts...
...Atlanta:Coach Mike Fratello will keep 5-ft., 7-in. guard Spud Webb on the team because Webb is the only guy the diminutive Fratello can borrow clothes from...
...executive at Manhattan's Harry Winston jewelers confirms that Mrs. Reagan has continued to borrow expensive accessories, even though there had been some White House embarrassment in 1981 at disclosures that Winston had given her a | diamond necklace and diamond earrings for the first Inaugural Ball. At retail, the combination would be worth about $480,000. "At times Mrs. Reagan has borrowed items," this source says. "She has worn on other occasions -- but not in America -- a pair of diamond earrings that are $800,000 with ten-carat drops...