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发帖数: 901 | 1 The transaction is called a "dividend recap," and it's standard practice…
In 2010, Dunkin' Brands Group – the company that owns Dunkin' Donuts –
borrowed $1.25 billion… so it could pay Carlyle, Bain Capital, and Thomas
Lee Partners a $500 million dividend. Dunkin' went public last year with
nearly $1.9 billion in debt. Dunkin' Brands shareholders got stuck with more
risk so Carlyle, Bain Capital, and Lee could make obscene amounts of money.
The Washington, D.C.-based Carlyle Group is at it again… And this time, it'
s sticking it to Carlyle Group shareholders… Carlyle is set to go public
this year. In late 2010, it borrowed $500 million that was supposed to be
used for new investments. Instead, it paid $398.5 million of the proceeds to
three of the company's owners as a dividend. Bloomberg says recent filings
indicate it has the option to borrow and distribute another $400 million.
Carlyle's fat cat owners don't have to sell their shares to cash out. They
can keep their shares when the company makes its initial public offering and
still receive huge tax-advantaged paychecks. They're tax-advantaged because
dividends are taxed more lightly than regular income. Also, the corporation
can deduct the interest payments before paying taxes. So what's good for
the corporation isn't necessarily good for shareholders, who would be better
off with less debt, since debt claims (like all other claims) are senior to
theirs. Clearly, these private-equity firms have huge incentives to take
control of corporations, lever them up, and collect huge cash dividends out
of them… before taking them public again.
Carlyle Group is no fly-by-night outfit. It's the second-largest private-
equity firm in the country. It's got $148 billion under management.
I can't imagine knowing about dividend recaps and giving a penny to a
private-equity fund… Then again, if you make millions as a private-equity
client, why would you care? |
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