戴爾離開《財富》美國500強(qiáng)內(nèi)幕
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????戴爾公司（Dell Inc）2012年在《財富》美國500強(qiáng)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(jīng)連續(xù)十多年上榜,。 ????那么,，到底發(fā)生了什么事？ ????去年10月,，戴爾公司創(chuàng)始人邁克爾?戴爾和私募股權(quán)投資公司銀湖投資集團(tuán)（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(yè)仍然有資格躋身財富500強(qiáng)（上榜的主要依據(jù)是每年的營收數(shù)據(jù)）因為他們的債務(wù)公開交易,，進(jìn)而也會公布財務(wù)業(yè)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(guī)則（Rule 144a for-life）進(jìn)行了債券結(jié)構(gòu)化,，這項規(guī)則在私募股權(quán)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(shè)置了一些短期的流動性約束）,。就《財富》美國500強(qiáng)方面而言,，這意味著戴爾公司無須公開披露自己的財務(wù)狀況。相反,，戴爾公司通過電話會議和在線數(shù)據(jù)室向債券持有人,、未來債券持有人和某些分析師發(fā)布季度數(shù)據(jù)，但前提是對外保密,。 ????《財富》雜志（Fortune）在編輯財富500強(qiáng)榜單時曾經(jīng)試圖與戴爾公司進(jìn)行溝通,，但是遭到了回絕。 ????戴爾公司擁有龐大的債務(wù),，因此它可能會在某些時候公布一些財務(wù)數(shù)據(jù),，但是現(xiàn)在還沒有。由于沒有獲得官方數(shù)據(jù),，戴爾沒能進(jìn)入本年度的財富500強(qiáng),。（財富中文網(wǎng)） ????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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