Leveraged Buy Out

Nedávno to vypadalo tak, že akcie ve Státech ohrožuje jen vysoká sazba Fedu a trh s nemovitostmi. A najednou je tu další strašák. Cena úvěru při tzv. pákovém převzetí cizí společnosti či převzetí cizí společnosti na dluh (Leveraged Buy Out LBO).

Podívejme se na toto téma trochu podrobněji.

John Mauldin píše ve svém článku z 3.8.2007 The Mortgage Pig in the Python "Look at it this way. Leveraged Buy Outs were routinely done at 12 times annual cash flow with debt equal to 10 times cash flow at a blended interest cost of 8%. This is what the banks who guaranteed these deals were expecting to be able to sell the loans at."

a můj oblíbený Gary Kaltbaum píše ve svém článku: Can Fraudulent Loans Destroy this Bull Market? "Another part of the equation was the buyout bubble. That is now over. How were the slimy private equity dudes able to buy hundreds of billions of dollars worth of companies when they did not have hundreds of billions of dollars to buy these companies? How were they even able to make the announcement of a buyout when the funding for the buyout was still not at hand?"
a na blogu nytimes (dealbook.blogs.nytimes.com) se můžeme dočíst
Sorting Through the Buyout Freezeout (August 13, 2007, 8:02 am)
"An idea has been floating around Wall Street, suggesting that private equity firms may try to walk away from deals and that some banks, on the hook for huge, underpriced loans, may try to push them to do it. (The banks would offer to pay the breakup fee, which would be cheaper than financing the deal.) The idea was initially pooh-poohed by private equity professionals because of the damage it would cause to their reputation"

Market downturns (Tuesday August 14, 4:55 pm ET) ft.com

Leveraged buy-out activity, from the auction of Cadbury's drinks unit to the sale of TXU, is said to be at risk. Kohlberg Kravis Roberts and Blackstone have lowered their expectations for the LBO market.