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首页> 外文期刊>International Journal of Strategic Property Management >COVENANT DESIGN IN FINANCIAL CONTRACTS: A CASE STUDY OF THE PRIVATE EQUITY ACQUISITION OF HCA
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COVENANT DESIGN IN FINANCIAL CONTRACTS: A CASE STUDY OF THE PRIVATE EQUITY ACQUISITION OF HCA

机译:财务合同中的契约设计:以HCA的私人股权收购为例

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摘要

A buyout deal involves several parties, including private equity firms, the target company, and lending banks. All these parties are legally connected by contractual arrangements, and covenants among all interest parties are important. However, a comprehensive study on designing covenants among parties in a buyout deal to achieve commitment and avoid risk in closing a deal is seldom seen in current literature. By investigating one of the world's largest buyout deals - the acquisition of Hospital Corporation of America (HCA), this paper not only probes into the design of contracts and covenant, but also provides several managerial implications. This paper concludes that well-designed covenants in buy-out deals can appropriately align all participants' diversified interests.
机译:买断交易涉及多个方,包括私募股权公司,目标公司和贷款银行。所有这些当事方都通过合同安排在法律上联系在一起,所有利害关系方之间的盟约很重要。然而,在当前文献中很少有关于在买断交易中设计各方之间的契约以达成承诺并避免达成交易的风险的全面研究。通过调查全球最大的收购交易之一-美国医院公司(HCA)的收购,本文不仅探讨了合同和契约的设计,还提供了一些管理上的含义。本文的结论是,精心设计的收购交易中的契约可以适当地调整所有参与者的多元化利益。

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