Private equity owned cos, in this low-rate environment, have refinanced much of their debt thanks to easy credit. US non-financial cos, as of the end of 2012, had $645 billion of below investment grade debt that needed to be paid by 2017, according to a Moody’s report. The most, 40%, comes due in 2017.
Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become the nation’s largest employers through the businesses they own.
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Next Great Credit Crisis Delayed, But Still Looming