The debt levels of private equity buy-outs are creeping up, prompting early warnings by industry executives concerned about another credit-driven takeover binge.
Banks have in several cases offered loan packages to private equity buyers that would see debt levels equal to seven times a company’s operating profit, a level rarely seen in the wake of the credit crisis, industry insiders said.
Joseph Schull, European head of US private equity group Warburg Pincus, warned that his industry should not repeat mistakes made during its heyday in 2006 and 2007, when some companies were bought with excessive loan packages.
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