Word: junks
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...zoomed in annual volume from about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group immediately slashes costs, lays off workers and sells divisions to reduce debt; the managers may eventually reap huge profits by selling the streamlined company back to public investors...
...largest U.S. drugstore chain. Revco plunged into an LBO that year after Herbert Haft, chairman of the Dart Group of retailing companies, made a bid for the Twinsburg, Ohio-based firm. With advice from Salomon Brothers, Revco chairman Sidney Dworkin led a $1.3 billion LBO financed largely by junk bonds that paid more than 13% interest. The company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets. Revco became the largest LBO to seek bankruptcy...
...tiny Nereid's highly elongated and tilted orbit. But 1989-N1 is just "sitting there," says Voyager project scientist Torrence Johnson, of the Jet Propulsion Laboratory. Johnson expects that the probe will discover more moons, shedding light on Triton's origins. "All of the outer planets have lots of junk around them," he notes. Jupiter, Saturn and Uranus have at least 15 moons apiece. "It would be amazing if we got to Neptune and didn't find a bunch of these things...
...tremendous buildup of business debt during the long expansion leaves the economy even more exposed to the effects of a recession. Since late 1982, corporate debt has more than doubled, from $1.1 trillion to $2.2 trillion. Investors in junk bonds, the high-yield securities that account for $225 billion in debt, could be among the first to feel the pinch. According to a study conducted for a group of junk-bond issuers by the economic consulting firm Data Resources, 1 out of every 8 will default if the economy falls into a soft landing. A major recession could produce...
...pull off the deal, Goldsmith and his partners propose to borrow nearly $17 billion. Drexel Burnham Lambert will raise $6.4 billion through a junk- bond issue, and Bankers Trust will assemble a consortium of banks to provide the rest. Yet B.A.T investors would get no cash for their 1.5 billion shares. Instead, Goldsmith and his partners, bidding through a company called Hoylake Investments, would pay B.A.T shareholders a combination of Hoylake stock and loan chits worth $13.82 a share (B.A.T stock was trading at 11.28 in London before the deal was announced). Hoylake would pay down the debts by selling...