英语翻译LBO and MBO–LBO---Leveraged buyout»An acquisition

英语翻译
LBO and MBO
–LBO---Leveraged buyout
»An acquisition financed with a significant amount of debt in which the purchaser relies on the assets or cash flow of the acquired business to service the debt.
–The purchaser often includes the existing management.This might be called an MBO.---a management buyout
–There are 3 stages in LBO ( or MBO)
»1.The investor group raises the cash
uThis group consists of the company’s top managers and buyout specialists
uThey put up about 10% of the bid price in cash
uThen,they borrow 50% --- 70% against the company’s assets in secured bank loans.(mortgage)
u20% --- 40% is raised by selling junk bonds
–junk bonds:are unsecured bonds,whose payment of interest and repayment of principal are potentially in doubt.As a result,interest rates are high
u2.The group buys the company and reshapes it
–The group tries to acquire all the outstanding shares
–It begins selling off parts of the corporation to reduce the debt.
u3.Finally,the group tries to make it work.
–Management cuts cost to increase profitability and ensure that the company can meet payment on its swollen debt.They may lay off employees,close money losing divisions,etc.
–If the company emerges stronger,its owners can reap huge returns by taking the streamlined company public again
NOTE:Old bondholders are worse off after a LBO.Their bonds turn out to be riskier than they were before,so their value decreases.This additional risk is not receiving a premium.As a result,a tendency arises to include protective covenant for the supplies of debt in the loan agreement.mpany public again.
能翻多少是多少-

LBO and MBO
杠杆收购和管理层收购
–LBO---Leveraged buyout
LBO--杠杆收购
»An acquisition financed with a significant amount of debt in which the purchaser relies on the assets or cash flow of the acquired business to service the debt.
收购的资金供给一笔巨大的债务,这债务是由购买者以资产或现金流转的营业额来偿还的.
–The purchaser often includes the existing management.This might be called an MBO.---a management buyout
-购买者通常包括现有的管理人员.这种收购被成为MBO--管理层收购.
–There are 3 stages in LBO ( or MBO)
-杠杆收购（或管理层收购）分三个步骤
»1.The investor group raises the cash
】1.投资着们集资.
uThis group consists of the company’s top managers and buyout specialists
U投资者包括公司的高层管理人员和收购专家.
uThey put up about 10% of the bid price in cash
U他们提供标价的10%左右的现金.
uThen,they borrow 50% --- 70% against the company’s assets in secured bank loans.(mortgage)
U然后,他们以公司的资产为抵押向银行贷50%-70%.（抵押贷款）
u20% --- 40% is raised by selling junk bonds
U20%-40%的资金由出卖后保债券获得.
–junk bonds:are unsecured bonds,whose payment of interest and repayment of principal are potentially in doubt.As a result,interest rates are high
-后保债券是无保证债券,它的本金和利息的报偿是未知的.因此,它的利率是很高的.
u2.The group buys the company and reshapes it
U2.投资者购买公司,并对其进行改组.
–The group tries to acquire all the outstanding shares
-投资者设法获得所有的已发行股票.
–It begins selling off parts of the corporation to reduce the debt.
-通过卖掉部分公司的部门来降低债务.
u3.Finally,the group tries to make it work.
U3.最后,投资者设法使它开始工作.
–Management cuts cost to increase profitability and ensure that the company can meet payment on its swollen debt.They may lay off employees,close money losing divisions,etc.
-管理层削减成本以提高收益率来确保公司能支付它的巨额贷款.他们也许会裁员,股票价格接近失去的部门,等等.（此句我有点翻译乱了,看不懂）
–If the company emerges stronger,its owners can reap huge returns by taking the streamlined company public again
-如果这家公司继续壮大,管理者就能通过再次精简人员的方式获得更大的效益.
NOTE:Old bondholders are worse off after a LBO.Their bonds turn out to be riskier than they were before,so their value decreases.This additional risk is not receiving a premium.As a result,a tendency arises to include protective covenant for the supplies of debt in the loan agreement.mpany public again
注释:早期的债券持有人在杠杆收购后受到削减.他们的股票结果比以前更具有风险,因此他们的价值降低了.这种附加的风险没有得到收益.因此,为贷款协定中的债权人制定保护协议的趋势有所上升.