Debt's Burden(Paying a High Price for Leverage)

摘要

DEBT MARKETS HAVE BECOME AN active area for bankers and financial advisers serving chemical makers , given the increase in private equity-backed leveraged buyouts(LBOs) and the need for debt restructuring. Chemical companies have found a receptive, albeit costly, market for high-yield bond offerings in 2001 (table,p.21).The strong bond market reception is highly welcomed as commercial and institutional lenders have severely tightened the reins on loans, particularly for companies that hold credit ratings below investment grade.