US cos have $1.2 trillion of below investment grade debt, much from LBOs, that needs to be refinanced from 2012 through 2017 (most from 2014-17), according to a July 2011 MB Global Partners report. Cos refinanced $398 billion of loans, extending repayment from 2011 to 2014, but banks without Fed stimulus may not be so forgiving in the future.
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.
More...
Next Great Credit Crisis Delayed, But Still Looming