LBO - определение. Что такое LBO
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Что (кто) такое LBO - определение

ACQUIRED CONTROL OVER A COMPANY BY THE PURCHASE OF ITS SHARES WITH BORROWED MONEY
Leveraged buyouts; Leverage buyout; Leveraged buy-outs; Leveraged takeover; Bootstrap transaction; Leveraged buy-out; Bootstrap acquistion; Secondary buyout; Leveraged finance; Highly-leveraged transaction; Take private; Leveraged buy out; Taken private; LBO
  • Diagram of the basic structure of a generic leveraged buyout transaction

LBO         
¦ abbreviation leveraged buyout.
leveraged buyout         
¦ noun the purchase of a controlling share in a company by its management using outside capital.
Leveraged buyout         
A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company.

Википедия

Leveraged buyout

A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity.

The term LBO is usually employed when a financial sponsor acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary buyout and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – public-to-private).

As financial sponsors increase their returns by employing a very high leverage (i.e., a high ratio of debt to equity), they have an incentive to employ as much debt as possible to finance an acquisition. This has, in many cases, led to situations in which companies were "over-leveraged", meaning that they did not generate sufficient cash flows to service their debt, which in turn led to insolvency or to debt-to-equity swaps in which the equity owners lose control over the business to the lenders.

Примеры употребления для LBO
1. While we would never rule–out an LBO, we believe BT is currently reaching fair value.
2. "It‘s the first western–style LBO in Russia," the source said.
3. The bondholders‘ situation highlights the potential risks for creditors posed by LBO activity.
4. "These two names have market caps so huge you don‘t have to worry about LBO risk," says Mr Burger.
5. Such LBO structures have come under pressure in the West recently, as credit market conditions have deteriorated.