戴爾離開《財富》美國500強內幕
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????戴爾公司（Dell Inc）2012年在《財富》美國500強排名第44位，去年排名為第51位，然而今年它卻從榜單上消失了。事實上，這家公司在今年落榜之前已經連續十多年上榜。 ????那么，到底發生了什么事？ ????去年10月，戴爾公司創始人邁克爾?戴爾和私募股權投資公司銀湖投資集團（Silver Lake）完成了備受爭議的 250億美元戴爾私有化交易。通常，這樣的私營企業仍然有資格躋身財富500強（上榜的主要依據是每年的營收數據）因為他們的債務公開交易，進而也會公布財務業績。 ????但是，正如我們在上個月所報道的，戴爾公司通過144a終身規則（Rule 144a for-life）進行了債券結構化，這項規則在私募股權基金支持的公司中越來越受到歡迎（盡管它對債券持有人設置了一些短期的流動性約束）。就《財富》美國500強方面而言，這意味著戴爾公司無須公開披露自己的財務狀況。相反，戴爾公司通過電話會議和在線數據室向債券持有人、未來債券持有人和某些分析師發布季度數據，但前提是對外保密。 ????《財富》雜志（Fortune）在編輯財富500強榜單時曾經試圖與戴爾公司進行溝通，但是遭到了回絕。 ????戴爾公司擁有龐大的債務，因此它可能會在某些時候公布一些財務數據，但是現在還沒有。由于沒有獲得官方數據，戴爾沒能進入本年度的財富500強。（財富中文網） ????譯者：skins |
????Dell Inc. is no longer a Fortune 500 company, despite ranking #51 last year and #44 in 2012. In fact, it has been in the mix for well over a decade before this year’s fall from rankings grace. ????So, what happened? ????Dell was taken private last October by company founder Michael Dell and private equity firm Silver Lake in a contentious $25 billion transaction. Often such private companies still can qualify for the Fortune 500 — which largely relies on annual revenue data — because their debt is publicly-traded and, as such, the companies release financial performance. ????But as we reported last month, Dell structured its bonds by using something called Rule 144a for-life, a technique that is growing in popularity among private equity-backed companies(despite creating some short-term liquidity constraints for bondholders). In terms of the Fortune 500, this means that Dell needn’t publicly-disclose its financials. Instead, bondholders, prospective bondholders and certain analysts are provided quarterly data via conference calls and an online data room, but only on a confidential basis. ????Fortune did reach out to Dell when putting together the Fortune 500, but was rebuffed. ????Dell has enough debt that some of its financials likely will leak at some point, but it hasn’t happened yet. And, without official figures, it’s out. |
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