Word: lbo
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...Cerberus Capital Management and Kohlberg Kravis Roberts have scored some of the biggest buyouts ever in recent months, including TXU, First Data Corp. and Chrysler. But are these cash-heavy private-equity (PE) firms racing against time? They need to win and ink future deals before the leveraged-buyout (LBO) window slams shut--a scenario Wall Street experts are betting will happen sooner rather than later...
...magnitude of deals-- in volume and size--is unprecedented, said Andrew Nussbaum, a partner at Wachtell, Lipton, Rosen & Katz, which has represented such firms as Apollo Management and Starwood Capital in LBO transactions. "There are many buyers for practically every seller," he said. All this has left private-equity players scrambling to find the next deal while they're still flush...
...leading catbirds, Blackstone's Stephen Schwarzman and Apollo's Leon Black, happen to be old pals of Silverman's. In the 1980s, Silverman too was an LBO artist, working alongside corporate raider Saul Steinberg and funding his exploits with Michael Milken's Drexel junk bonds. Then, as a partner at Blackstone in the early 1990s, he sniffed a change in the financial winds, cobbled together a few struggling hotel chains (starting with Ramada and Howard Johnson) into Hospitality Franchise Systems (HFS), took the company public and stayed...
Private-equity firms pumped up with vast amounts of money are snatching public companies in an unprecedented buyout wave. In an updated, renamed version of the leveraged buyout, or LBO, private-equity firms acquire undervalued companies, load them with debt, overhaul operations and then return them to the stock exchanges whence they came in ballyhooed IPOs--collecting fees at every turn. Fever pitch officially took hold last week when hospital chain HCA was taken private by its management, founder and three buyout firms in a record deal worth more than $30 billion...
...risky junk bonds. Raiders feasted on bloated conglomerates such as Beatrice, buying them up, busting them apart and reselling at a profit--until the economy slipped into recession. The ensuing bankruptcies killed off the junk-bond market, and the deals dried up. The late 1990s saw a tech-driven LBO resurgence, but that too ended with the 2000 bubble burst...