Jumping on the bandwagon
A wave of leveraged buyouts is on the horizon, but while private equity firms, investment banks and high-yield investors are rubbing their hands at the prospect of a raft of new opportunities, investment-grade bondholders fear they might end up paying the price. Lisa Cooper reports.
With share prices struggling, interest rates at rock bottom and companies looking to spin off non-core businesses, it was only a matter of time before the leveraged buyout (LBO) returned in force.
Observers say the situation now is reminiscent of the late 1980s when LBOs – the tactic of using borrowed money secured against a target company’s assets to launch a takeover – exploded in the US
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